Brokers flock to CGI's Account Reconciliation Centre
April 24 2008 - 12:00PM
PR Newswire (US)
Stock Market Symbols GIB.A (TSX) GIB (NYSE) LONDON, England, April
24 /PRNewswire-FirstCall/ -- Following the widespread take-up of
its Account Reconciliation Centre (ARC), CGI Group Inc. (TSX:
GIB.A; NYSE: GIB), a leader in information technology and business
process services, is today launching an online self-service tool
that will make it easier than ever for insurance brokers to start
using the electronic account settlement system. Since its launch in
late 2007, almost 250 brokers have signed up to settle accounts
through ARC - exceeding expectations by more than 100 percent - and
the number is growing week on week. With the new online
self-service tool, the process of registering and getting started
is even easier and faster, enabling more brokers to go live with
ARC. The service, available via imarket, allows brokers to
register, complete set-up, carry-out training and go live with ARC
without the need for face-to-face meetings. Tim Gregory,
Vice-President of Insurance, CGI Europe, said: "Previously the
process of getting up and running on ARC had been rather
time-consuming. Insurers were physically visiting brokers, signing
them up and carrying out training - often over a number of
meetings. Now the process is automated, which reduces the need to
meet in person." CGI developed ARC in 2007 in co-operation with
Allianz and Norwich Union to ease the burden of the account
reconciliation process. It allows brokers and insurers to move away
from the arduous paper-based system and switch to a more
user-friendly, computer-based method. ARC's launch was preceded by
a six-month pilot, in which Norwich Union, Allianz and 20 of their
brokers used the system and provided their feedback. Since then,
ARC has proved itself as both a valuable tool for the participating
brokers (some of them reporting an increase of up to 100 percent in
the number of lines that can be cleared each month), and a reliable
settlement system that brings tangible results for insurers.
Allianz has reported a reduction in overdue debt by 17 percent
since the system was introduced and Norwich Union has achieved a
seven day reduction in debtor days Tim Gregory added: "The payment
and collection system used by insurers and brokers was truly
archaic. At a time when the buying of insurance is easier than ever
before, we felt that account reconciliation should not be left
behind." About CGI 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 26,500 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
annual revenue run rate stands at $3.7 billion and at December
31st, 2007, CGI's order backlog was $12.04 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:
http://www.cgi.com/. DATASOURCE: CGI GROUP INC. CONTACT: Artur
Kwiatkowski/Elvis Moyo, Kinross + Render, 0207 592 3100, /
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