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CSC announces winners of innovation awards

09/16/11

CSC recently announced the winners of the 2011 Innovation Awards, which recognize life insurance and annuities companies for outstanding work in policy administration, global sourcing, distribution, operational excellence and social networking. Insurance providers from Pacific Life, Lincoln Financial and Transamerica Annuities were among the winners, according to CSC, which provides technology-based business solutions.

Pacific Life was awarded the Innovation in Policy Administration prize for it's integration of several complex quoting, commission and benefit calculation models that allowed the service to launch a new immediate annuity product in about half the time officials at the company had previously expected the process to take.

Lincoln Financial received a distribution award as well as an operational excellence award for its effective streamlining of payment distribution processes as well as vast improvements to its internal digital infrastructure, which now includes a custom search engine that scans more than 100 million records in less than a second.

Transamerica Annuities' advanced staff augmentation model was recognized with the Global Sourcing award.

Though life insurance and annuities sales suffered in the wake of the economic recession, both have seen some encouraging gains in recent months, according to LIMRA. In particular, immediate and income annuities sales have been up year over year, and hybrid life insurance policies that include long term care insurance coverage have gained in popularity.

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