CSC is introducing new life insurance services designed to eliminate market-entry barriers, optimize application submission and underwriting processes, and enhance operational performance. These services combine CSC's insurance systems and traditional business process outsourcing (BPO) service options with CSC's business process as a service (BPaaS) delivery model, including a portfolio of ready-to-file term life products, whole life plans, a universal life product, and a fixed annuity.  

The initial offering, Life as a Service, is primarily designed for firms whose core offerings do not include basic life insurance products, such as duly authorized property and casualty writers with the need to provide life products for their distributors; banks with life insurance affiliates that want to offer a broader spectrum of financial products; healthcare insurers that are permitted to offer a life product; and life insurers that may want to establish a new line or distribution channel. Life  as a Service offers low market-entry costs with usage-based pricing and an annual renewable contract term to provide maximum flexibility.

"Making IT more flexible and responsive enables financial services firms to adjust to rapidly changing economic conditions and to reach new markets," says Matt Josefowicz, partner and managing director of Novarica. "These firms should be considering new models to access technology in order to deliver new products faster and more efficiently."