In its May 2006 published report “Insurance Software Deal Trends 2004-2005”, Celent has named CGI as a leading vendor in the Rating category, based on the company’s deal volume.
The report notes that rating is currently an important area for technology investments. “It's no surprise that rating is a priority for property/casualty carriers of all sizes,” says Craig Weber, senior analyst in Celent’s insurance group and author of the reports. “There's a constant push to improve the way pricing and underwriting decisions are handled because they are such a strong driver of customer and distribution partner satisfaction, and of financial results.”
Celent’s independent, industry-leading report is based on a sample of 1,158 software deals in insurance signed in 2004 and 2005 by 68 vendors. Details about the majority of the deals analyzed—including the carrier type, carrier size, and business processes supported—were provided by the vendors. Additional deals were captured by reviewing public data sources. The report analyzes deals across four metacategories and 42 subcategories.
David Squibb, Director, CGI’s National Ratabase Practice stated:”We are pleased to be recognized by Celent as a leading provider in the Rating category. CGI continually invests in the Ratabase solution and maintains a large national practice of experienced insurance and rating knowledgeable consultants.” Squibb added: “We believe that rating is more than just a function within a policy administration application as it was historically viewed. Rating is core to the business of an insurance carrier. By externalizing their rating information into a rating engine that can be easily called from any application on a variety of platforms, a carrier can quickly develop their insurance programs once and make them available to any consumer of that information within their organization (policy administration, web quoting, actuarial modeling, etc.)” This has allowed more than 100 carriers to use Ratabase to drastically improve the speed to market while reducing their costs.”
CGI works with carriers of all sizes to implement the appropriate solutions for their business needs. With more than 25 years of experience working with leading carriers worldwide, CGI continues to be at the forefront of the rating arena. With the leading solution and the experienced staff of professionals, CGI has the winning combination to empower its clients to successfully achieve their business goals.
CGI’s Ratabase® is a comprehensive set of tools that empowers business professionals to build, design, and publish insurance products in the fastest possible time and manner. Since business users maintain the business logic, the dependency on IT resources is minimized thus increasing the speed with which organizations can respond to market needs. Because it is not line of business specific, Ratabase® is successfully implemented by many insurance organizations to create different and unique product plans. It can be deployed on a variety of platforms, facilitating integration into systems with broad processing requirements and distributed architectures, while ensuring consistent results across platforms. The Ratabase® Tool Suite gives users the flexibility to interface the business rules to any external system via XML or a standard API.
About CGI
Founded in 1976, CGI Group Inc. (“CGI”) is the eighth largest independent information technology and business process services firms 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 of America (“US”), Europe, Asia Pacific as well as from centers of excellence in Canada, the US, Europe and India. CGI's annualized revenue run rate is currently $3.5 billion (US$3.0 billion) and at March 31, 2006, CGI's order backlog was $13.7 billion (US$11.7 billion). CGI's 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.
About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategies, advice and market insights on a global basis. For more information, please visit www.celent.com.
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For more information
Media Contact:
Kirsten Paragona
Director, Corporate Communications
Kirsten.paragona@cgi.com
978-569-6111
Business Contact::
David Squibb
Director, Business Development
David.squibb@cgi.com
978-946-3343
