Integration Demonstrates System Viability to Meet Reinsurance Market’s Goal for Early, ‘Single Entry’ Data Capture
Aldershot and London, United Kingdom, 6 August 2003: Computer Sciences Corporation (NYSE:CSC), one of the world’s leading information technology (IT) services firms, and ri3k, the global reinsurance infrastructure, today announced the completion of the integration project between CSC’s recently launched SICS/nt 3.0 reinsurance administration system and the ri3k Hub, which directs processable reinsurance contract and technical accounting data from one company’s system to another over the Internet.
This integration now allows cedants, brokers and reinsurers to transfer contract (risk) data between the ri3k Hub and SICS/nt 3.0, eliminating the need to re-key any data, thus providing a seamless interface between counter parties and allowing faster, more cost effective processing. CSC and ri3k demonstrated the successful completion of this technical ‘proof of concept’ stage at CSC's recent Reinsurance Market User Group conference in Florence, Italy.
“What we have demonstrated reflects the future of integration between applications that the reinsurance industry will demand,” said Paul Bryson, vice president and head of CSC's Reinsurance Division. “SICS/nt 3.0’s open architecture and application programme interfaces make this possible. Working with ri3k on this integration now means that, from a technical standpoint, we are on track for further stages in the development of our systems in order to meet the demands for electronic data exchange.”
“At Florence, the mist lifted for many of the onlookers at the conference,” added Alex Letts, Chief Executive, ri3k. “People actually witnessed a live, seamless transfer of data from one system to another. This is just the start. In a few years time, the seamless movement of data will be standard practice for the big players the industry.”
Marketing Communications Manager, ri3k,
Tel: +44 (0) 20 7400 3506
CSC's Financial Services Group
Tel +44 (0)1252 563492
Adrienne Routledge/Caroline Harrison
Tel: 0208 249 6555
Established in May 2000, ri3k has built an XML-based, secure infrastructure for the global reinsurance industry called the ri3k Hub. This platform is now live and operating, serving customers in Europe and the Far East.
ri3k was capitalised in May 2000 by Brit Insurance Holdings Plc. Brit is a FTSE 250 insurance company with an estimated £1 billion of premium income for 2003. ri3k employs 25 people on full-time or long-term contracts in London, and has a further 8 people at its office in Singapore.
For further information, please visit www.ri3k.com
Founded in 1959, Computer Sciences Corporation is one of the world’s leading IT services companies. CSC’s mission is to provide customers in industry and government with solutions crafted to meet their specific challenges and enable them to profit from the advanced use of technology.
With approximately 90,000 employees, CSC provides innovative solutions for customers around the world by applying leading technologies and CSC’s own advanced capabilities. These include systems design and integration; IT and business process outsourcing; applications software development; Web and application hosting; and management consulting. Headquartered in El Segundo, Calif., CSC reported revenue of $11.3 billion for the 12 months ended March 28, 2003. For more information, visit the company’s Web site at www.csc.com
About CSC in Financial Services
CSC distinguishes itself through its time-tested ability to plan, build and operate highly reliable, efficient and secure business and IT solutions for leading financial services firms around the world. To complement its capabilities in consulting, systems integration and outsourcing, CSC brings financial services industry knowledge and experience, a comprehensive portfolio of financial services application software and an extensive network of industry and technology partners. CSC’s financial clients include more than 1,200 major banks, insurers and investment management and securities firms.
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