CGI has today unveiled its AI-powered platform to help brokers and insurers settle accounts. Released under the CGI Elements Insurance suite of solutions, CGI Elements360 ARC-IBA (Accounts Reconciliation Centre – Insurer Broker Accounting), aims to help improve operational workflow, cost savings and improved 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. The solution also has an API-integration with Acturis, allowing for a seamless integration and automated data feed.

Andy 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."

Allianz UK, IQUW, Howden, PIB Group and JMG Group are already using CGI Elements 360.

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