CGI Group (Europe) Limited (CGI) (TSX: GIB.A; NYSE: GIB) has signed a contract to implement its state-of-the-art administration system, GIOS (Global Insurance Open Solution), at Vhi Healthcare, one of Ireland's most recognised and trusted health insurance brands.
CGI will bring a revolutionary insurance administration system to Vhi Healthcare, which will not only provide outstanding customer service to 1.55 million customers, but will also allow Vhi Healthcare to easily expand its business in the future. GIOS is a highly flexible, modular solution, which is capable of fully supporting the administration function for all forms of insurance products. Through use of the Healthcare template, Vhi gains access to the specialist healthcare insurance functionality that is readily available within GIOS.
Currently, Vhi Healthcare is migrating from its legacy systems to GIOS and, following extensive testing, is scheduled to go-live early in 2004.
Initially CGI provided Vhi Healthcare with a business analysis study which included extensive technical consulting. Michael Keaney, general manager for individual & corporate business and implementation programme manager at Vhi Healthcare, comments: "Our preliminary study with CGI was a great success and has resulted in a shared understanding of what we want to achieve and how to guarantee it is accomplished. Vhi Healthcare's goal is to significantly improve customer service by developing one single customer data source, and with GIOS information need only be entered once for our entire insurance administration business. GIOS is a highly functional solution that will help us to achieve considerable efficiency savings over time through the automation of administrative processes."
Keaney continues: "GIOS has been developed specifically for the insurance industry and is easily customised, which is vital to us moving forward. The Vhi Healthcare brand is strong and with GIOS we will be able to bring a new product range to market quicker than our previous legacy system allowed."
Gavin Chapman, senior vice-president and managing director at CGI Group (Europe) Limited, said: "This is an important contract win for CGI. We are delighted that one of Ireland's most recognised brands is purchasing GIOS, which will deliver to Vhi Healthcare a highly flexible and functional solution tailored to meet its specific needs. Our GIOS solution covers all lines of business and is rapidly becoming one of the leading insurance solutions in the industry."
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 2002 exceeded ?600 million with Claims Payout averaging more than ?10 million per week. The scheme is administered by a staff of 725 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 8,200 group membership schemes. Website: www.vhihealthcare.com
About CGI
Founded in 1976, CGI is the fourth largest independent information technology services firm in North America, based on its headcount. CGI and its affiliated companies employ 20,000 professionals. CGI's annualised revenue run-rate is currently CDN$2.9 billion (US$1.9 billion) and at March 31, 2003, CGI's order backlog was CDN$11.2 billion (US$7.6 billion). CGI provides end-to-end IT and business process services to more than 3,500 clients worldwide from offices in Canada, United States and Europe. CGI's shares are listed on the TSX (GIB.A) and the NYSE (GIB) and are included in the TSX 100 Composite Index as well as the S&P/TSX Canadian Information Technology and Canadian MidCap Indices. Website: www.cgi.com.
Forward-Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute "forward-looking statements" within the meaning of that term in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements represent CGI Group Inc.'s intentions, plans, expectations, and beliefs, and are subject to risks, uncertainties, and other factors, of which many are beyond the control of the Company. These factors could cause actual results to differ materially from such forward-looking statements.
These factors include and are not restricted to the timing and size of contracts, acquisitions and other corporate developments; the ability to attract and retain qualified employees; market competition in the rapidly-evolving information technology industry; general economic and business conditions, foreign exchange and other risks identified in the Management's Discussion and Analysis (MD&A) in CGI Group Inc.'s Annual Report or Form 40-F filed with the SEC, the Company's Annual Information Form filed with the Canadian securities authorities, as well as assumptions regarding the foregoing. The words "believe", "estimate", "expect", "intend", "anticipate", "foresee", "plan", and similar expressions and variations thereof, identify certain of such forward-looking statements, which speak only as of the date on which they are made. In particular, statements relating to future revenue from outsourcing contracts are forward-looking statements. CGI disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.
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