Computer Sciences Corporation has introduced Product Accelerator software to simplify the creation of life insurance and annuity products. The software gives business experts, rather than programmers, control of product introduction. It also includes a library of insurance product types that enable carriers to reduce the time needed to launch new products.
Insurers face increased market and regulatory pressures to develop and distribute new insurance and investment products quickly. To attract more desirable market segments, life and annuity companies need to create unique features for their products. Traditionally, product introduction has been a lengthy and fragmented process requiring redundant software programming. CSC's Product Accelerator enables carriers to launch and fine-tune products quickly by providing a single source for product definitions and documentation across the entire product life cycle. By moving the description of product features and calculations from a company's software code into Product Accelerator's centralized repository, business and marketing users gain greater control over new product introduction.
"Product Accelerator's content will allow carriers to react faster to changes in market conditions and quickly construct complex, hybrid life insurance and annuity products," says Michael W. Risley, president of the life and annuity division of CSC's Financial Services Group. "CSC's experience in life and annuity product development can help companies become more agile and improve business results with their present technology platforms."
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