Extension of existing deal is "one of largest" in insurance sector
By Andy McCue
Published: 9 January 2004 11:55 GMT
CSC has won a $700m global business process outsourcing (BPO) deal with insurance group Swiss Re.
CSC claims the 10-year contract with Swiss Re Life and Health is one of the largest ever BPO deals in the insurance sector.
The new contract is an extension of an existing outsourcing agreement with Swiss Re dating back to 1995 and sees CSC's role expanding.
As part of the deal the IT services company will provide life and health insurance policy processing services for Swiss Re in the US and the UK. CSC's involvement has grown from 50,000 policies to the two million life and health insurance policies it currently processes in the US.
This has been expanded to the UK following Swiss Re's recent acquisition of the Zurich Life closed book policies.
W Weldon Wilson, CEO of Swiss Re Life and Health America, said the contract will increase "flexibility and capacity".
Analyst house Ovum Holway recently predicted that BPO will dominate IT growth over the next 20 years and could be worth £165bn in the UK.
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