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CGI Group, Allianz Insurance and Norwich Union Develop Next Generation Account Reconciation System

14 Dec 2007 12:00 AM | Anonymous

CGI Group Inc. in collaboration with two of the largest insurers in the UK market, Norwich Union and Allianz Insurance, today announced the launch of an Account Reconciliation Centre (ARC), a flexible web-based tool that is set to make paper-based insurance account settlement a thing of the past.

Provided as a managed service hosted by CGI and accessed via imarket, the e-commerce portal, ARC has already proven itself during a six month business pilot involving Allianz Insurance, Norwich Union and a range of their brokers. Today, ARC is being made available to the wider broker community, facilitating a transition from manual, paper based processes to an efficient, fast flow of electronic information.

“ARC is an accounts settlement system that has been developed in consultation with the industry, for the industry – one that brings efficiency to the back office and tangible benefits to both sides involved in the business process: insurers and brokers,” said Tim Gregory, Vice-President, Insurance Sector, CGI.

ARC is being launched at a time when insurers and brokers are under an ever increasing pressure to reduce their operating costs. It is designed to transform the settlement of insurance accounts between insurers and brokers – a process that has, until now, been expensive and largely paper-based. By enabling automatic matching of all but the exceptional items, ARC brings savings in both time and effort, dramatically reducing the administrative burden associated with the traditional account settlement process and allowing brokers to view all outstanding debt in real time.

Donna Lovewell, Head of Collections, Norwich Union said: “Throughout ARC’s development and pilot programme stages, CGI has incorporated feedback from both insurers and brokers to ensure that the system does exactly what we need it to – make our work easier and more effective.”

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