Colonial Penn Life selects RPS for annuity payouts.AUSTIN, Texas--(BUSINESS WIRE)--Oct. 30, 1996--CSC Continuum, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Computer Sciences Corp. (NYSE NYSE See: New York Stock Exchange :CSC), Wednesday announced that Colonial Penn Life Insurance Co. has licensed the Repetitive Payment System (RPS rps abbr. revolutions per second ). RPS is CSC Continuum's benefit administration system designed to handle a variety of annuity and bank products as they mature into the payout phase Payout Phase The phase in an annuity during which payments are made to the annuitant. These are usually paid on a monthly basis and last for the lifetime of the annuitant. The income received from an annuity by a retired investor is considered taxable income. . Colonial Penn Life will convert annuities in the payout phase to RPS starting early next year. RPS is part of CSC Continuum's VANTAGE-ONE family of products. Colonial Penn Life selected the VANTAGE-ONE system as the administrative platform for all of its life and annuity policies. To date, the company has converted all annuities, variable annuities Variable annuities Investment contracts whose issuer pays a periodic amount linked to the investment performance of an underlying portfolio. and variable universal life policies to VANTAGE-ONE, and is currently undertaking a multiphase Mul´ti`phase a. 1. (Elec.) Having many phases; Adj. 1. multiphase - of an electrical system that uses or generates two or more alternating voltages of the same frequency but differing in phase angle effort to convert approximately 1 million traditional life policies to the system. The VANTAGE-ONE/RPS solution allows Colonial Penn Life to support its clients' evolving requirements and provides a cost-effective, integrated administrative platform for its entire product portfolio. ``The client-oriented processing of VANTAGE-ONE is a major benefit as it gives us a consolidated view of all a client's relationships with the company, enabling us to provide a higher level of customer service,'' said Jeanne Underkofler, assistant vice president of information services See Information Systems. at Colonial Penn Life. ``We also needed a system that could be interfaced easily with our telemarketing sales and service system.'' ``We are pleased that Colonial Penn Life has chosen to extend its long and successful relationship with CSC Continuum,'' said Neil Schappert, senior vice president, CSC Continuum. ``Our mutual commitment to providing the most customer-responsive systems and services has paid off for both our companies.'' CSC Continuum Inc. is an international consulting and computer software and services firm based in Austin, serving the needs of life and health insurance, property and casualty insurance, banking and other financial services companies. CSC Continuum is a wholly owned subsidiary of Computer Sciences Corp. (CSC). CSC had $5.2 billion in revenues for the 12 months ended Oct. 28, 1996, including 12 months of revenue from the recently acquired Continuum Co. The Continuum revenues have been combined with CSC's revenues because the acquisition is accounted for as a pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. . With headquarters in El Segundo, Calif., CSC has nearly 40,000 employees in more than 600 offices worldwide, providing clients with a wide range of professional services including management consulting, business re-engineering, information systems consulting and integration, and outsourcing. CONTACT: CSC Continuum, Austin Glenda Holmstrom, 512/338-7892 |
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