Canadian-based John Hancock Financial Services, a unit of Manulife Financial has signed a six-year information technology outsourcing (ITO) extension agreement with CSC.

Under the $25m agreement, CSC will continue to offer applications and infrastructure services for the carrier’s US Wealth Management Division supporting administration of over one million fixed and variable annuity policies.

John Hancock Annuity Systems vice president Tony Todisco said since 1987, CSC has been John Hancock’s strategic partner, supporting its wealth management practice and enabling it to improve efficiency, productivity and profitability while the company focuses on the essential functions of its business.

"With the new distributed environment, John Hancock will have greater flexibility and efficiency, and a foundation for the future," Todisco added.

The agreement also comprises the licensing of CSC’s Customer Service Accelerator which is a Web 2.0 software application that assists insurers to handle diverse communication channels for reliable service apart from the method of customer contact.

The application will also allow all interactions, such as emails, phone calls, Web chats, correspondence and interactive voice response, centralized and displayed in a single view, allowing the customer service representatives to easily understand customer needs at any point of contact.

As part of the new agreement, CSC will manage the transition from the existing mainframe environment to a new z Linux platform that will reduce costs through improved operational and energy efficiency.

The platform will also enhance service with an easy and integrated environment and increase risk management with supported flexibility and security features.