CGI SELECTED BY ONEBEACON INSURANCE GROUP FOR BUSINESS PROCESSING SERVICES
CGI Group Inc. (CGI) today announced the signing of a six-year outsourcing
agreement with OneBeacon Insurance Group. CGI will provide OneBeacon with
business processing services (BPS), including policy administration, and
CollaborativeEdge, a front-end solution for Massachusetts personal lines agents
to streamline data-capture activities. This multi-million dollar outsourcing
agreement capitalizes on CGI’s market-proven services within the highly
regulated Massachusetts automobile insurance market. These services provide
cost-effective ways for OneBeacon to administer its business, process policies,
and centralize data collection.
One of the most rapidly growing areas in the insurance information technology market is outsourced business processing. In order to focus on core business strategies, insurers are partnering with BPS outsourcers, like CGI, to capitalize on the cost savings generated by economies of scale. CGI’s experience, industry knowledge, and reputation are key in highly competitive and tightly regulated marketplaces.
“CGI’s business processing services will both simplify and augment our workflows in the offices of our agency partners,” said Dick Connors, head of OneBeacon’s personal lines operation in Massachusetts. “Agents will access our systems through a Web-based front-end application that will include enhanced real-time interfaces and result in improved data quality.” Karen Furtado, vice-president insurance business services at CGI said: “The auto insurance market in Massachusetts is very complex due to strict governing laws within the state. Due to the unique rules and regulations within Massachusetts insurers need a technology partner that will respond quickly and accurately. Our goal is to provide consistent, high-quality services that will give our clients the power they need to succeed in accomplishing their business goals and objectives.”
CGI is the largest provider of automobile processing services in the state of Massachusetts, processing over 40% of the state's policies and over US$1.5 billion in direct written premium. CGI also counts among its clients 75 of the top 100 insurance carriers in the United States and 17 of the top 25 carriers in Canada. Financial services account for 35% of CGI’s revenue. CGI has developed and hosted several solutions in policy administration, billing and collections, claims, rating, and e-business to meet this sector’s growing business process outsourcing and IT needs.
Headquartered in Boston, Massachusetts, OneBeacon Insurance Group offers specialty and segmented personal and commercial insurance products sold primarily through select independent agents. OneBeacon Insurance Group is wholly owned by White Mountains Insurance Group, Ltd. White Mountains' principal businesses are conducted through its subsidiaries and affiliates in the business of property-casualty insurance and reinsurance. The company is publicly traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol "WTM.”
Founded in 1976, CGI is the 8th largest independent IT services company in the world. CGI and its affiliated companies employ approximately 25,000 professionals. CGI provides end-to-end IT and business process services to clients worldwide from offices in Canada, the United States, Europe, Asia Pacific as well as from centers of excellence in the US, Europe, India and Canada. CGI’s annual revenue is currently CDN$3.6 billion (US$3.1 billion) and at December 31, 2005, CGI’s order backlog was CDN$14.0 billion (US$12.0 billion). CGI’s shares are listed on the TSX (GIB.SV.A) and the NYSE (GIB) and are included in the S&P/TSX Composite Index as well as the S&P/TSX Capped Information Technology and MidCap Indices. Website: www.cgi.com.