CSC has unveiled its vision and strategy to support commercial insurance clients on their digital transformation journey and help them better compete in today’s increasingly digital and customer-centric environment.
CSC presented its vision for a Global Digital Insurance Marketplace (GDIM) before 220 senior insurance leaders at its Art of Transformation event in London this week. The GDIM sets CSC’s direction for delivering standardised software as a service, infrastructure provided on a pay-as-you-use basis, widespread adoption of standard messaging and continual further automation of business process services – all supported by CSC’s global alliance partners.
“This sets the vision and direction for all the areas in which CSC is investing, from the Central Services Refresh Programme (CSRP) to Xuber, from the use of robotics in central services to the adoption of cloud technologies,” said Patrick Molineux, general manager, Insurance, CSC UKI&N. “It is a broad-ranging vision that underpins everything in which we are investing and will strengthen London’s position as an innovator and leader globally.”
Commercial and Specialty (re)insurance has wrestled with the changing technological landscape because of the diversity and complexity of risk. The digital barriers to innovation such as legacy platforms, duplication and rekeying have inhibited (re)insurers from offering a truly digital customer experience. “Our vision will enable the London market to prosper globally by adopting secure, advanced and standardised technologies,” said Molineux.
Also at the event, CSC announced a range of new offerings, which form part of the Global Digital Insurance Marketplace vision:
Digital Intention – CSC’s unique approach, staffed by London market experts, who can work with executive teams to define and align an insurance company’s digital strategy. Using CSC’s ‘Experience First’ approach to utilise the benefits of technology, the Digital Intention engagement has been designed to enable organisations to make sense of a complex set of challenges and establish a clear future digital ambition with leadership alignment.
Xuber Underwriting – For carriers to connect with their trading partners, regardless of the type of business or method of distribution, Xuber Underwriting is a scalable and flexible web-enabled underwriting tool that provides visibility, control and the data required for fast and informed decision making together with seamless integration into back office systems. CSC is rolling out a strategy to drive straight-through processing with the ambition to connect and integrate its extensive range of carrier, broker and MGA software.
TreatyCloud – Developed with the market, this cloud-based product provides an efficient and transparent process for agreeing Proportional Treaty statements, promotes cost savings, and helps accelerate cash flow with a secure, central, shared document repository.
Xuber Xposure – The latest version of Xuber Xposure is an enterprise-level deterministic exposure management platform for underwriters, exposure and aggregation professionals and (re)insurance purchasers, enabling real-time risk assessment, accurate and detailed submissions and portfolio management.
Digital Claims for Commercial Insurance – CSC has enhanced its portfolio of claims offerings through a new relationship with, and equity position in, 360Globalnet, a company offering advanced digital, cloud-based claims solutions that let customers easily manage the end-to-end claims process via the Internet. CSC is developing this offering for the commercial market with initial focus on the delegated underwriting channels.
OmniChannel – CSC’s digital consumer engagement platform for insurance, OmniChannel, will offer a seamless customer experience across distribution and engagement channels. The platform will provide guided buying journeys tailored to roles, personae and lifecycle stages, including insight and understanding on the customer journey.
“CSC wants to be at the vanguard of the insurance industry’s transformation, working with our partners to keep London as the global centre of insurance excellence,” said Molineux. “We innovate with digital technology to drive enterprise transformation. Today’s announcement shows that CSC has a unique opportunity to deliver the promise of the Target Operating Model, and exceed the vison of market modernisation.”
For more information on these new offerings please go to www.csc.com/transform