CGI (NYSE: GIB) (TSX: GIB.A) has launched CGI Elements360 Workbench solution, which integrates artificial intelligence (AI) to help underwriters focus their time on their core business activity, while reducing administrative burdens associated with underwriting activities.
While the pace of change in the insurance industry is increasing, especially with the introduction of technologies such as AI, the real challenge for insurers is how to build fluid operating models that can adapt to change, while supporting their most important asset, their people. Underwriting workbenches offer one tool that leverages new technology to improve ways of working, however they are only successful if the underwriting team is involved in the overall specification and implementation of new systems.
Juliette Lockstone, Vice President, Head of Insurance for CGI in the UK said, “What is clear from our conversations in the market is that underwriters want to leverage technologies in a way that generates the strongest possible return on investment. They want to be supported by technology that allows them to focus on the most important part of their job – underwriting.”
CGI’s approach starts by listening to what the underwriters need and identifying clearly defined business benefits unique to each team, thereby reducing the time it takes to deliver measurable business value. CGI’s rapid deployment approach can help deliver business benefits earlier and get the tools in the hands of the underwriters faster to help them address the challenges they face in today’s market.
Using a combination of tools, data, and enhanced workflows, underwriters are supported by CGI’s partnership model in how they prioritise, allocate and process risks, with thousands of hours saved per year by automating day-to-day tasks. CGI Elements360 Workbench is a modular and extendable platform that enables the rapid deployment of new underwriting capabilities and enhances the day-to-day underwriting experience.
Daren Rudd, Vice President, Business, Technology and Innovation Consulting in Insurance for CGI in the UK said “CGI Elements360 Workbench allows underwriters to prioritise the tasks most valuable to them. By optimising use of time, and enabling underwriters to focus, we estimate that insurance companies could grow their books between 20% to 30%, which is why we believe it is important to get this capability into the hands of underwriters quickly.”
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