During National Life Insurance Awareness Month, CSC held its annual Connect for Life and Annuity conference where the winners of the 2011 Innovation Awards were announced. In front of nearly 400 fellow insurance providers, the winning life and annuity companies received recognition for their work in various fields, including policy administration and global sourcing.
Pacific Life Retirement Solutions of Newport Beach, California, received the award for policy administration for its use of the CSC wealth management accelerator policy administration system. The provider made modifications that enabled the creation of a new single premium immediate annuity product that saves consumers and providers time and money.
Transamerica's annuity division of Cedar Rapids, Iowa, won the award for Innovation in Global Sourcing for its creation of a staff augmentation model that operates parallel to the company's staff. The model uses CSC resources to increase project execution capacity as needed.
In an effort to create even more uniformity, while developing best practices in the life insurance industry, a group of chief risk officers recently announced the formation of the North American CRO Council. The council will work to create and promote leading practices in risk management for insurance providers. In addition, the council will guide governmental regulators on how to effectively evaluate risk management and produce industry-leading research on new and emerging risks.