Jackson National Life Insurance Co., a life insurance company, has licensed Product Accelerator, CSC’s product configuration software for North American life insurance and annuity firms. Jackson will use the application to build a flexible content repository for product-related information residing in various systems throughout the company. This will eliminate redundant data entry and increase efficiency and reporting capabilities for compliance purposes, says CSC.
By isolating product configuration outside policy administration systems, CSC says, Product Accelerator centralizes information and provides a life insurer with a single point of access to customize, update and maintain product tables throughout the enterprise. It also allows carriers to introduce new products faster and with greater ease, and to monitor activities more closely for internal audit needs and external compliance requirements.
Product Accelerator is designed to support the entire product life cycle with a comprehensive product library and centralized rules, calculations and documentation. CSC says that, in addition to a test facility and content management features, the software includes user-interface wizards that allow business personnel to update tabular data and perform other functions without involvement from IT staff.
CSC says Jackson will use Product Accelerator in conjunction with other CSC systems, including CyberLife for policy management, PerformancePlus for agent compensation management, and Repetitive Payment System (RPS) for administration of life insurance and annuity products maturing into the payout phase.
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