DST Systems, Inc., is expanding its footprint in the insurance marketplace. DST provides business solutions to 21 of the 25 largest U.S. life insurance carriers, and will expand its insurance solution portfolio through DST Insurance Solutions.

As a wholly-owned subsidiary, DST Insurance Solutions will deliver outsourced policy administration and payout technology and services for annuity and life carriers.

Bonnie Wasgatt, an insurance industry veteran with more than 30 years of technology and outsourcing experience, has joined the organization as president.

"Consumer product and service needs are shifting dramatically based on a convergence of economic and technological changes," says Wasgatt. "This has created a perfect opportunity for carriers to examine their approach to product, technology and operational innovation.”

DST has a 40-plus year heritage of ongoing investments in technology and process innovation, and domain expertise within the investment management, independent broker dealer, retirement, and healthcare marketplaces. Expanding DST's portfolio of solutions to meet the needs of the annuity and life industry is a natural evolution for DST and provides an opportunity for carriers, according to Wasgatt.

"We are focused on providing solutions to the insurance marketplace that combine service excellence, operational best practices, global resources and a robust, responsive, flexible technology platform," said Steve Hooley, president and COO of DST Systems. "We recognize a growing need for outsourced policy administration services in the annuity and life insurance space and are committed to providing comprehensive solutions to this vertical."