What Is Cypress Business Process Outsourcing?CSC which stands for Computer Sciences Corporation is a company that developed a solution to provide business with a wide range of capabilities called a global business process outsourcing. A company called Cypress Property & Casualty took advantage of this service and formed their Cypress business process outsourcing firm. In the 1990s, when Hurricane Andrew hit in Florida, 11 homeowners insurance companies declared bankruptcy and most of the other major companies quit writing business in the state. So, the state sponsored the JUA which is the Joint Underwriting Association and held nearly one million policies held by the people who live in the coastal areas. The Cypress business process outsourcing came about when a group of investors in Jacksonville formed a company which is the Cypress Property & Casualty.
Cypress took out thousands of policies from the JUA and worked with CSC in order to create a virtual insurance company. They only have the managers who are full-time with the company but all the rest of the services are outsourced within the Cypress business process outsourcing. The Cypress business process outsourcing firm was started in 1998 and since then has expanded into Texas and has helped to manage new applications that have been based on rates and formulas that were provided by Cypress. The Cypress business process outsourcing operation uses the leading policy administration system for mid sized companies called the CSC's POINT IN software. The Cypress business process outsourcing includes a call center, billing, accounting, reporting, and compliance. The call centers answer questions and provide assistance to all its clients on their policies, payments, or any other matters that they may need to discuss. Besides the Cypress business process outsourcing application from CSC, there are over 200 other insurance companies that have started using CSC's outsourcing services in order to get the full range of back office functions such as accounting, underwriting, policy administration, billing, claims notice, customer service, information technology, imaging and regulatory compliance. All these services are done without the office which saves these companies a lot of money in the long run. The Cypress business process outsourcing application was created due to the fact that the company CSC allows the insurance companies to have a one stop shop. Cypress had a good strategy on outsourcing the insurance market and doing this with CSC made their strategies in whole, come to life and became a very profitable decision. |