CGI (NYSE: GIB) (TSX: GIB.A) announced a partnership with ACORD, the standards-setting body for the global insurance industry, as its strategic global messaging partner. CGI will principally focus on leveraging the ACORD Conductor service to influence the benefits of data standards and facilitate inbound and outbound messaging transmission through CGI’s insurance solution.
ACORD Data Standards are used widely throughout the insurance industry, with ACORD members accounting for half of global gross written premiums. The industry-owned ACORD Conductor solution operationalises these standards to create a comprehensive next-generation global messaging service, enabling straight-through processing of placing, accounting and claims data via an API and all other significant connectors. It aligns individual messages with industry processes while centralising and simplifying workflow.
“CGI and ACORD share the same heritage of being deeply entrenched in the global P&C industry for more than 25 years,” said Paul Wishman, Vice President, Insurance at CGI. ”CGI is working extensively on both the business and technology side of seven out of the top ten insurers worldwide, with deep connections to the ACORD Data Standards and models. We are delighted to enrich this partnership by offering our customers the ACORD Conductor solution as the next-generation global messaging service embedded within our insurance offerings.“
CGI has also joined the ACORD Solutions Group (ASG) Licensed Integrator Partner programme, an initiative to drive strategic alliances among ACORD’s solution provider member community, and make the benefits of ASG Digital Solutions for efficient data exchange more widely available throughout the global industry.
“We are delighted to enrich CGI’s expansive global insurance solution offerings with the ACORD Conductor global messaging service,” said Chris Newman, Managing Director – Global, ACORD. “CGI’s impressive track record in delivery capability, system-agnostic philosophy and IT architectural design aligns with the guiding principles of ACORD, with a shared vision of ensuring access to these global data and digital accelerator assets to all.”
CGI in the UK is already well known within the insurance sector for its ability to deliver complex programmes and rating services, including its Ratabase offering. As the leading rating solution in the insurance industry worldwide, Ratabase provides pricing and underwriting software renowned for its accuracy and ease of use and has the largest number of installations globally. This new partnership means any insurance business which wishes to partner with them will be able to do so seamlessly with minimal disruption to existing processes, so CGI can continue to deliver the quality work they have developed a reputation for within the sector.
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 78,000 consultants and other professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. With Fiscal 2019 reported revenue of C$12.1 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.
ACORD (Association for Cooperative Operations Research and Development) is the global standards-setting body for the insurance industry. ACORD facilitates fast, accurate data exchange, and efficient workflows through the development of electronic standards, standardized forms, and tools to support their use. ACORD members worldwide include hundreds of insurance and reinsurance companies, agents and brokers, software providers, financial services organizations and industry associations. ACORD maintains offices in New York and London. Learn more at www.acord.org.
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