Some of the largest insurers in the UK, including Allianz, Howden and PIB, have started to use a new high-tech tool that brings brokers and insurers together.
Canadian information technology developer CGI developed and launched the new platform that is powered by artificial intelligence and allows brokers and insurers to settle accounts in one place.
CGI told QA Financial the release of CGI Elements360 ARC-IBA, or Accounts Reconciliation Centre-Insurer Broker Accounting, will help drive substantial change for account settlement across the UK broking industry, resulting in major improvements to operational workflow, cost savings and improved cash conversion.
“It addresses one of the biggest challenges in the broking industry, that of frictional costs leading to poor cash conversion,” explained Andrew Jones, director consulting services at CGI in London.
Jones revealed that some of the UK’s leading insurers and brokers have integrated CGI Elements360 ARC-IBA, including Allianz UK, IQUW, Howden, PIB Group and JMG Group.
He explained that 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. “
“Over the years the settlement process has become more complicated with more insurers offshoring their payment and collection process.”
– Andy Jones
API-integration
The solution holds an API-integration with Acturis, the broking software house system, allowing for “a seamless integration and automated data feed,” as Jones put it.
“Over the years the settlement process has become more complicated with more insurers offshoring their payment and collection process,” he continued.
“Commission levels, insurance premium tax, wrong entry information; there are many ways in which brokers and insurers have unresolved queries,” Jones pointed out.
“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.”
CGI Elements360 ARC-IBA builds on CGI’s previous Account Reconciliation Centre (ARC) and comprises of a network of hundreds of brokers and insurers in dealing with IBA reconciliation, processing over £1 billion gross written premium every year.
“ARC-IBA is part of the CGI Elements360 suite of insurance solutions, giving brokers and insurers access to an ecosystem of other tools that can combine into wider solutions to deliver new business capabilities,” Jones concluded.
Want to stay up to date and receive our news, features and interviews for free?
Our e-newsletter lands in your inbox every Friday. Sign up HERE in one simple step.
READ MORE
