CSC Signs $17.6 Million Software and Services Contract With China Paci

EL SEGUNDO, Calif., March 24 /PRNewswire-FirstCall/ -- Computer Sciences Corporation announced today that it has signed a five-year, $17.6 million contract with China Pacific Property Insurance Company (CPPIC), the second-largest property and casualty insurer in China with 26,000 employees and 1,700 offices throughout the country.

Under the contract, CPPIC will replace its current system with CSC's FUTUREfirst, a Web-enabled, scalable and object-oriented insurance administration system. The European version of this software is known as GraphTalk A.I.A. CPPIC will administer more than 13 million policies with FUTUREfirst, which also will help the company improve its products and services.

FUTUREfirst is strategic application software that supports all lines of business, including life, annuity and pensions, accident and health, long-term care, property and casualty, and non-insurance products on an individual and group basis. CPPIC will use this new system to automate its general insurance process, including product development, new business, underwriting, customer service, distribution management, billing and collection, and claims.

"We are happy to have CSC as our solution provider," said Xia Lin, chairman of CPPIC. "With the advanced FUTUREfirst system and competencies from CSC, we can meet the demands and challenges in the China insurance market with a much faster time to market and improved customer service. As a result, we can grow our businesses in the competitive insurance marketplace."

"CPPIC's selection of CSC strengthens our presence in China," said Mike Brinsford, president of CSC's operations in Asia. "We will leverage our extensive experience serving financial services companies, as well as our industry-leading best practices, to help CPPIC achieve business results. We look forward to a mutually beneficial relationship."

About CSC

Founded in 1959, Computer Sciences Corporation is a leading global information technology (IT) services company. 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 79,000 employees supporting continuing operations, 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 $13.9 billion from continuing operations for the 12 months ended Dec. 31, 2004. For more information, visit the company's Web site at http://www.csc.com/.