CGI SIGNS CDN$16 MILLION FULL OUTSOURCING CONTRACT WITH U.S.-BASED INSURANCE COMPANY
CGI and Long Island, N.Y.-based Interboro Mutual Indemnity Insurance Company today announced the signing of an outsourcing agreement according to which CGI will provide Interboro with a full range of business solutions and outsourcing services. CGI expects the agreement to generate revenue of approximately CDN$16 million over its ten-year term.
"Interboro was seeking to renew and broaden its portfolio of property and casualty insurance products based on advanced technology, in order to strengthen its competitive advantage," said Interboro Chairman of the Board and President Andrew E. Festa. "By providing new and enhanced products and technologically advanced solutions through the Internet to our agents and brokers which comprise our distribution channel, Interboro is well positioned to meet their challenges of the future."
Jean Brassard, CGI's President and COO, added: "We are pleased that Interboro chose us to support them as they leverage technology to strengthen their competitive advantage. CGI and its U.S. subsidiary ISI Systems have the resources and infrastructure to meet all of Interboro's IT and insurance needs."
As part of the agreement, in which several Interboro employees will join the ranks of ISI Systems, CGI will provide its client with a new suite of applications and IT engineering services and help in implementing these business solutions.
Interboro Mutual Indemnity Insurance Company is a property and casualty insurance company focusing on the automobile and homeowner insurance markets in New York state.
CGI is the largest independent information technology consulting firm in Canada and the sixth largest in North America. It provides end-to-end IT services and business solutions to some 2,000 clients in Canada, the United States and in 20 countries around the world. CGI has more than 7,500 professionals, an annualized revenue-run rate of more than $1.1 billion and an order backlog totalling approximately $6 billion. CGI's shares (GIB.A) are included in The Toronto Stock Exchange's TSE 300 Composite and TSE 200 indexes.
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