Following the widespread take-up of its Account Reconciliation Centre (ARC), CGI
Group Inc. (TSX: GIB.A; NYSE: GIB), a leader in information technology and
business process services, is today launching an online self-service tool that
will make it easier than ever for insurance brokers to start using the
electronic account settlement system.
Since its launch in late 2007,
almost 250 brokers have signed up to settle accounts through ARC – exceeding
expectations by more than 100 percent – and the number is growing week on week.
With the new online self-service tool, the process of registering and getting
started is even easier and faster, enabling more brokers to go live with ARC.
The service, available via imarket, allows brokers to register, complete set-up,
carry-out training and go live with ARC without the need for face-to-face
meetings.
Tim Gregory, Vice-President of Insurance, CGI Europe, said:
“Previously the process of getting up and running on ARC had been rather
time-consuming. Insurers were physically visiting brokers, signing them up and
carrying out training – often over a number of meetings. Now the process is
automated, which reduces the need to meet in person.”
CGI developed ARC
in 2007 in co-operation with Allianz and Norwich Union to ease the burden of the
account reconciliation process. It allows brokers and insurers to move away from
the arduous paper-based system and switch to a more user-friendly,
computer-based method.
ARC’s launch was preceded by a six-month pilot,
in which Norwich Union, Allianz and 20 of their brokers used the system and
provided their feedback. Since then, ARC has proved itself as both a valuable
tool for the participating brokers (some of them reporting an increase of up to
100 percent in the number of lines that can be cleared each month), and a
reliable settlement system that brings tangible results for insurers. Allianz
has reported a reduction in overdue debt by 17 percent since the system was
introduced and Norwich Union has achieved a seven day reduction in debtor days.
Tim Gregory added: “The payment and collection system used by insurers
and brokers was truly archaic. At a time when the buying of insurance is easier
than ever before, we felt that account reconciliation should not be left
behind.“
About CGI
Founded in 1976, CGI Group Inc. is one of
the largest independent information technology and business process services
firms in the world. CGI and its affiliated companies employ approximately 26,500
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 North America, Europe and
India. CGI's annual revenue run rate stands at $3.7 billion and at December
31st, 2007, CGI's order backlog was $12.04 billion. CGI shares are listed on the
TSX (GIB.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.
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For more information:
Artur Kwiatkowski /
Elvis Moyo
Kinross + Render
192-198 Vauxhall Bridge
Road
London
SW1V 1DX
Tel: 0207 592 3100
ak@kinrossrender.com /
elm@kinrossrender.com
