CGI, one of the world's leading IT and business process services providers, today announced that it has completed the implementation of its insurance administration system, GIOS (global insurance open solution) at Ireland's top health insurer, Vhi Healthcare.
GIOS is a highly flexible component based solution, which covers all aspects of administration for all forms of insurance product. It provides Vhi Healthcare with one single customer data source, which enables the insurer to offer outstanding service to its 1.6 million customers and cuts administration time as information need only be entered once. By automating the insurance administration processes, GIOS is set to bring considerable efficiency savings to Vhi Healthcare.
Vincent Sheridan, chief executive at Vhi Healthcare, said: "GIOS is easily customised and highly scalable, which is vital to us moving forward as we further grow our business. With GIOS we are now able to bring new products to market much more quickly, whilst also improving the quality of service to our customers."
Gavin Chapman, managing director for CGI Northern Europe said: "CGI has worked in joint partnership with Vhi Healthcare throughout the implementation to ensure GIOS is tailored to meet their specific business needs and we are delighted that the system is now fully supporting Vhi Healthcare's business. With implementations in more than 30 countries across the globe supporting all lines of business and multiple languages and currencies, GIOS is probably the most flexible and functional solution for insurance administration on the market today."
About Vhi Healthcare
Vhi Healthcare is the market leader for health insurance in Ireland with greater than 80% market share. In operation since 1957 Vhi Healthcare provides for the health insurance needs of 1.55 million people - or 41% of the Irish population. Premium Income generated to the year end February 2004 exceeded ?840 million with Claims Payout averaging more than ?12 million per week. The scheme is administered by a staff of 800 people countrywide. Administration cost ratios for Vhi are regarded as among the lowest in the industry, typically around 8-9% of Premium Income. The majority of members are insured through approximately 8,300 group membership schemes.
Founded in 1976, CGI is among the 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, Europe, Asia Pacific as well as from centre's 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.
Lisa Carter/Eleanor Pinkerton
Portfolio Communications Ltd
Tel: 020 7240 6959