GEICO (Government Employees Insurance Company), the fifth-largest private passenger auto insurer in the United States, has selected CGI Group Inc. (CGI) to implement its insurance rating solution Ratabase®.
Through this agreement, Ratabase will be integrated into GEICO's applications and used to rate Personal Automobile insurance in 49 states and the District of Columbia. Ratabase, CGI's rate and rules management tool suite, is the industry's leading insurance rating solution being used in more than 100 carriers worldwide since 1983. Ratabase provides a comprehensive, cost-effective solution that allows insurance experts within a carrier to rapidly develop and deploy insurance products in any application on any platform.
"Ratabase has an excellent track record for proven reliability and stability. By implementing Ratabase into our current technology infrastructure, we are enabling our internal business customers to react to market changes more quickly by delivering product changes more timely. We are also pleased that Ratabase will allow for efficiencies in our IT programming resources," said Jess Reed, CIO with GEICO.
David Squibb, Business Development Director, with CGI added: "We are extremely proud that a company of GEICO's caliber has selected CGI as their partner and Ratabase as their enterprise rating solution. In the early stages of this relationship, we are already seeing clear business benefits. We are confident that Ratabase will help GEICO to achieve their business goals sooner and to allow them to further grow their business in strategic ways."
Ratabase is a powerful and flexible software productivity tool suite designed to enable business experts within insurance carriers to develop the algorithms, rate tables, and logic for insurance rating and automated underwriting applications. This logic can be built once and deployed to any application(s) on any platform(s). By empowering the business experts within a carrier to rapidly deploy insurance products, costs are significantly reduced for both system development and maintenance. Ratabase can be utilized in a new development effort or can be retrofitted into existing company-developed or vendor-supplied systems.
Founded in 1976, CGI is among the largest independent information technology and business process services firms in North America. 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, and Asia Pacific as well as from centers of excellence in India and Canada. CGI's annualized revenue run rate is currently CDN$3.8 billion (US$2.8 billion) and at June 30, 2004, CGI's order backlog was CDN$13.2 billion (US$9.8 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.
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