Computer Sciences Corporation (CSC) has introduced an e-business solution, intended to expedite service between insurance companies and distributors.

According to the company, CSC is the first information technology company to offer this type of business-to-business software package to facilitate communications between insurers and the National Securities Clearing Corporation's (NSCC's) Insurance Processing Service (IPS). The hope is that IPS will revolutionize variable life and annuity sales in the same way the NSCC mutual funds system increased mutual funds sales.

Using IPS, insurers and distributors can now transmit data to one another without establishing proprietary networks. Insurers expect IPS to result in increased shelf space for variable insurance products at brokerages, thus increasing insurance sales by these trading partners.

CSC's new JETS Automated Data Trader improves service to insurers' trading partners by simplifying processing of applications, deposits, positions and commissions. JETS sends and receives data in the NSCC format and is designed to be expanded to send and receive data, regardless of format, over other industry communication networks. According to CSC, four insurance companies have already licensed JETS Automated Data Trader.

"Communicating through the NSCC's IPS via CSC's JETS Automated Data Trader, the insurance industry can now capitalize on the rapidly expanding annuity market by finalizing annuity sales quickly and significantly improving service for trading partners," said Ken Williams, president, Americas division of CSC's financial services group. "CSC is developing additional interfaces to facilitate communications between insurers' systems and other trading partners or industry clearinghouses, such as DST's Financial Advisor Network Mail." 

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