Virginia-based Computer Sciences Corp. (CSC) announced that it has unveiled a new software-as-a-service (SaaS) platform for its flagship Exceed Billing application. The latest innovation aims at speeding up the billing process for insurance carriers, thereby reducing their operational and implementation costs.
Computer Sciences asserts that the SaaS version of Exceed Billing will aid carriers of all sizes in deploying the service securely and implementing the application throughout their systems to reap maximum benefits from faster billing. Exceed Billing now includes self-service capabilities that customize payment options either through new pay plans or by closing and replacing plans without involving any software engineer.
Insurance billing is the process of submitting paperwork and documentation to insurance companies for the payment of a claim. While many insurance companies are already using the billing software, others have expressed eagerness to learn its usage. This is because it streamlines the process considerably through electronic submission.
We believe that the growing demand for the electronic billing platform will attract more insurance companies toward Computer Sciences’ Exceed Billing.
This is not the first time that Computer Sciences is flaunting its expertise to woo insurance carriers. In May 2011, the technology solutions provider introduced a business process service that enabled insurance carriers to process workers’ compensation insurance easily.
The service, known as Workers’ Compensation, is based on pre-developed formats, as well as Web-based consoles, much like a Web page that accepts user input such as a command, executes it on a remote Web server, and shows the output in a browser.
Computer Sciences’ product popularity and efficacy has led to a series of insurance deal wins in the past few months. We think the new services will attract more deals from the insurance sector.
The company reported decent first quarter 2012 results on the strength of new business wins. However, we are apprehensive about intense competition in the IT and cloud computing space from both small and big players such as Accenture plc (ACN) and Hewlett-Packard Company (HPQ).
Moreover, with government orders expected to dry up to a certain extent due to spending cuts and the push-out of realizations related to the National Health Services contract to future quarters, things look difficult for the company. Demand for its products in Europe could also remain gloomy in the near term.
Currently, Computer Sciences has a Zacks #5 Rank, implying a short-term Strong Sell recommendation.
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