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Two more insurers go online with electronic reconciliation
LONDON, England, Jan. 23 /CNW Telbec/ - CGI, a leading IT and business
process services company, today announced the addition of two new insurers to
its award-winning Account Reconciliation Centre (ARC). The electronic
collections tool, developed by CGI in a partnership with Norwich Union and
Allianz, streamlines the accounts reconciliation process, eliminating the
previous paper-based system.
Chubb Insurance Company of Europe has announced that it will be going
live on ARC in the first half of 2009, while Arista Insurance has already
started using the system.
ARC, recently awarded the Technology Initiative of the Year at the
Insurance Times Awards, was introduced in December 2007 and already has over
700 brokers using the service and more than (pnds stlg)200m in balances being
reconciled each month.
Peter Young, Head of Business Operations at Arista, says, "Arista's
operational philosophy is based on streamlining our trading processes to
minimise frictional costs. We have always issued statements by email but this
only delivers partial benefits with brokers still returning paper by post. ARC
enables us to manage queries online with brokers and in time integrate with
our back-office systems to allow automatic reconciliation."
Young continues, "We originally planned to build our own online accounts
system for brokers. However, joining ARC means we can provide our brokers with
online facilities a year ahead of schedule at a much lower cost. Brokers
already using ARC are able to immediately get access to our statements and we
will roll out to the remainder of the Arista agency base during the first half
Liz Latter, Head of the UK Credit Risk Practice at CGI explains, "In a
world where credit risk management has never been more important, ARC is
allowing insurers to realise tangible benefits and better manage their
collections. In recent years insurers have often concentrated on their sales
and claims processes and have simply assumed that the money would be collected
somewhere, somehow. However, in the current climate, the focus is shifting and
visibility on outstanding debt is now seen as critical."
The ARC tool, accessible via iMarket, provides an online view of
insurers' statements giving visibility of reconciliation activity and enabling
real-time collections and query management between brokers and insurers.
Liz Latter concluded, "ARC can really help insurers improve and speed up
the collections process. The first two insurers who have been live on the
system for over a year cite significant savings such as a 25% reduction in
outstanding queries, a 7-day reduction in debtor days and a 35% reduction in
bad debt. With brokers encouraging more insurers to sign-up to ARC and
insurers feeling the pressures of credit management, we are seeing this
electronic industry solution take off."
Founded in 1976, CGI Group Inc. is one of the largest independent
information technology and business process services firms in the world. CGI
and its affiliated companies employ approximately 25,500 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
centers of excellence in North America, Europe and India. CGI's fiscal 2008
revenue was $3.7 billion and at September 30, 2008, CGI's order backlog was
$11.6 billion. CGI 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. Website: www.cgi.com.
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For further information:
For further information: CGI: Emma Morgan, +44 (0) 1454 454 368,