KANSAS CITY, Mo., May 12, 2011 /PRNewswire/ -- DST Systems, Inc. (DST) is expanding its footprint in the insurance marketplace. DST provides business solutions to 21 of the 25 largest U.S. life insurance carriers, and will expand its insurance solution portfolio through DST Insurance Solutions. As a wholly-owned subsidiary, DST Insurance Solutions will deliver best-in-class outsourced policy administration and payout technology and services for annuity and life carriers.
Bonnie Wasgatt, an insurance industry veteran with more than 30 years of technology and outsourcing experience, has joined the organization as president.
"Consumer product and service needs are shifting dramatically based on a convergence of economic and technological changes," says Wasgatt. "This has created a perfect opportunity for carriers to examine their approach to product, technology and operational innovation. DST has a 40-plus year heritage of ongoing investments in technology and process innovation, and rich domain expertise within the investment management, independent broker dealer, retirement and healthcare marketplaces. Expanding DST's portfolio of solutions to meet the needs of the annuity and life industry is a natural evolution for us and provides a unique opportunity for carriers."
Global investment and insurance product providers rely on DST to provide industry-leading solutions to support their strategies specific to U.S. and international recordkeeping, business process management (AWD), distribution support (DST Vision, FAN Mail), international pension administration (Percana), and customer communications and output.
"We are focused on providing solutions to the insurance marketplace that combine service excellence, operational best practices, global resources and a robust, responsive, flexible technology platform," said Steve Hooley, president and chief operating officer of DST Systems. "We recognize a growing need for outsourced policy administration services in the annuity and life insurance space and are committed to providing comprehensive solutions to this vertical."
ABOUT DST INSURANCE SOLUTIONS
DST Insurance Solutions was formed to provide policy administration and related services for insurance companies offering fixed and variable annuities. DST Insurance Solutions will offer its services on an ASP and full service BPO basis through Boston Financial Data Services, a joint venture between DST Systems, Inc. and State Street Corp.
ABOUT DST SYSTEMS, INC.
DST Systems, Inc. provides sophisticated information processing and computer software products and services to support the mutual fund, investment management, insurance and healthcare industries. In addition to technology products and services, DST provides integrated print and electronic statement and billing output solutions through a wholly owned subsidiary. DST's world-class data centers provide technology infrastructure support for mutual fund companies, healthcare providers, banks, mortgage bankers and insurance companies around the globe. DST is headquartered in Kansas City, Mo., and is a publicly traded company on the New York Stock Exchange.
SOURCE DST Systems, Inc.