CGI has announced the release of CGI Elements360 ARC-IBA (Accounts Reconciliation Centre-Insurer Broker Accounting), the latest product within its CGI Elements Insurance suite of solutions.
CGI Elements360 ARC-IBA is an AI-powered platform where both brokers and insurance firms can settle accounts in one place.
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In addition, it aims to help driver substantial change for account settlement across the UK broking industry. As a result, there should be major improvements to operational workflow, cost savings and improved cash conversion.
CGI Elements360 ARC-IBA addresses one of the biggest challenges in the broking industry, that of frictional costs leading to poor cash conversion. The product creates one platform, with a common data standard used by both insurer and broker, which harnesses AI to improve processes based on previous renewals.
Furthermore, the solution also has an API-integration with Acturis, the broking software house system, allowing for seamless integration and automated data feeds.
Leading insurers currently utilising the solution include Allianz UK, IQUW, Howden, PIB Group, and JMG Group.
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By GlobalDataAndy Jones, director, consulting services, insurance, CGI in the UK said: “Over the years the settlement process has become more complicated with more insurers offshoring their payment and collection process. Commission levels, insurance premium tax, wrong entry information – there are many ways in which brokers and insurers have unresolved queries. Our platform can drastically improve account settlement, but just as importantly, we aim to bring insurers and brokers together onto one platform so the industry can have a common view.”
Juliette Lockstone, vice president, head of insurance for CGI in the UK added: “For too long, brokers and insurers have been fragmented in the way they settle accounts, operating on different platforms. CGI Elements360 ARC-IBA has some of the UK’s largest insurance brokers as clients, meaning we are at a tipping point in solving this problem for the market. We believe that this is, therefore, an industry solving solution to one of the biggest challenges in insurance operations.”
