Helping P&C insurers drive efficiency, cost savings and revenue
CGI has been partnering with the property and casualty industry for over 25 years, providing expertise on both the business and technology sides. Our professionals have the qualifications, experience and knowledge to help address challenges across the P&C insurance value chain, and we have a proven track record of timely project delivery while staying within budget. We collaborate with insurers to implement IT and business process solutions to help them win and grow. Our team of experts has the technical and business acumen to understand the complexities of the insurance industry, and we have the experience to provide the best solutions to meet the needs of our clients.
Executing innovation strategies for property and casualty insurers
Increasing regulatory complexity coupled with economic, demographic, and environmental changes creates significant pressure for insurers. The world is no longer reliably predictable, making long-term planning challenging. P&C organizations are facing major challenges in this ever-changing landscape, and many are prioritizing ways to deliver a seamless customer experience, improve processes and efficiency and reduce risk. Our team of insurance services experts develops and executes innovation strategies across your business, driving forward automation, dynamic pricing, customer experience and more.
- IT modernization and cloud
Insurers are increasingly transforming legacy technology to cloud-based solutions, focusing on digital straight-through claims processing utilizing cloud infrastructure and connecting various third parties. We help property and casualty insurers transition to the cloud strategically, helping you become an adaptive, resilient and sustainable enterprise.
- Cyber insurance
Growth in social engineering attacks, ransomware and fraudulent payments continue to rise, keeping cybersecurity as the primary focus of insurers, with sophisticated underwriters using third-party scanning technologies to help detect security weaknesses. We partner with carriers to help prevent cyberattacks by fortifying customer data security while helping provide services, including assessment of current security practices and monitoring, restoring and recovering compromised data.
- Data and advanced analytics
With adjustments made to underwriting practices, such as forgoing medical exams for life insurance applications with higher coverage amounts, data analytics in underwriting is more crucial than ever. P&C insurers rely on enhanced data analytics and predictive modeling capabilities instead of medical exams, meaning that enhanced analytic capabilities will save insurers money. We partner with your organization on data strategy and implementation to unlock the power of data, resulting in business value.
- Artificial intelligence
AI and big data are transforming the insurance industry, supporting underwriting decisions, claims management, investment management, hiring practices and marketing. We work with insurers to prioritize and create strategic plans to leverage AI, natural language processing, predictive analytics, and machine learning to provide customers hyper-personalization with behavior-based insurance products.
- Embedded insurance
Insurers and ecosystem players are collaborating to expand business opportunities conducive to distributing embedded insurance and investing in API-connected marketplaces for scaled adoption. Embedded insurance integrates insurance into repetitive consumer processes. For example, when a consumer purchases a personal computer, an insurance option can be offered. Using data and AI, consumer behavior can be evaluated in real-time to assess risks and generate appropriate pricing.
Rating and pricing business services
Insurance rating and pricing are essential to an enterprise's success. Our end-to-end rating and rules solution puts all aspects of the pricing process in the hands of the business on demand while ensuring accountability through stringent governance, compliance and audit practices. Ratabase is the "gold standard" in insurance rating, with 30+ years supporting various business classes.
Regulatory and statistical reporting
We make regulatory and statistical reporting simple by offering insurance carriers and managing general agents (MGA) an effortless, cost-efficient way to offload regulatory publication review, data transformation, formatting, and reporting, enabling clients to focus on innovative and business growth
Ready to learn more about our property and casualty insurance offerings?
CGI has been supporting the property and casualty industry for more than 25 years. Connect with our team of experts to discuss how we tackle the challenges facing your organization through innovative problem solving, leading technology and collaborative partnership.