CGI Group Inc. (NYSE: GIB) (TSX: GIB.A), a leading provider of information technology and business process services, recognized four CGI Ratabase® clients that have demonstrated excellence in the deployment of the rating and rules engine. The insurance clients received a CGI Ratabase Excellence Award for innovative implementation and process solutions that addressed a business challenge within their organization. The awards were handed out during the insurance solutions client conference, CGI Exchange.
Excellence in Implementation: Erie Insurance Group
Erie Insurance Group, Erie, Pennsylvania, was presented the CGI Ratabase Award for Excellence in the implementation category. Erie Insurance leveraged Ratabase for a seamless implementation of a new personal lines product including premium rating rules, and automated underwriting rules for workflow and third party report generation. This implementation highlighted Erie’s creative approach to providing automated solutions to common industry challenges, and furthered its use of Ratabase across the organization.
Excellence in Implementation: Liberty Mutual Insurance
Liberty Mutual Insurance was presented the CGI Ratabase Award for Excellence in the implementation category. Ratabase is enabling Safeco Insurance, a subsidiary of Liberty, to complete a large technical initiative within their commercial operations. Liberty developed multiple tools to leverage the Ratabase application to further automate data extraction and testing of premium validation. Automation of highly repeatable processes has improved quality, reduced cost, and increased to speed to market for many of Liberty’s critical product lines.
Excellence in Process Improvement: The Hartford
The Hartford was presented the CGI Ratabase Award for Excellence in the process improvement category. The Hartford extended its use of Ratabase to include the areas of pricing and analytics. Ratabase enabled The Hartford to eliminate support of multiple rating engines thus reducing redundant systems and the potential for rating disparities. The project will ensure data consistency for analysis and improve the efficiency of maintenance and delivery capabilities.
Excellence in Cost Reduction: Farmers Insurance Group
Farmers Insurance Group was presented the CGI Ratabase Award for Excellence in the cost reduction category. CGI recognized 21st Century, a subsidiary of Farmers, for its creative use of Ratabase to automate the credit scoring model used in underwriting, rating, and issuing policies. This automation has reduced reliance on outside sources, and is projected to provide nearly $2.5 million in combined expense savings and underwriting profitability to the company.
About CGI Ratabase®
CGI Ratabase is the industry's leading insurance rating and underwriting software. Ratabase's proven functionality, scalability and flexible technology empowers business users from over 100 carriers to quickly deploy extremely complex rating programs and product segmentation in a fraction of the time and cost of other options. Ratabase scored the greatest breadth of functionality and most advanced, flexible technology in Celent’s “US Property/Casualty Rating Systems” Report.
Founded in 1976, CGI Group Inc. is the fifth largest independent information technology and business process services firm in the world. Approximately 69,000 professionals serve thousands of global clients from offices and delivery centers across the Americas, Europe and Asia Pacific, leveraging a comprehensive portfolio of services including high-end business and IT consulting, systems integration, application development and maintenance, infrastructure management as well as a wide range of proprietary solutions. With annualized revenue in excess of C$10 billion and an order backlog exceeding C$18 billion, CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Website: www.cgi.com.
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Vice-President, Global Communications
Director, U.S. Insurance Solutions