ComparativeRatingfortheInsuranceIndustry-CGI.pdfVIP

Comparative Rating for the Insurance Industry Entire contents © 2004 by CGI Group Inc. All rights reserved. Reproduction of this publication in any form without prior written permission is forbidden. White Paper Business solutions through information technology 2Comparative Rating for Insurance Industry TA B L E O F C O N T E N T S ABSTRACT 3 INTRODUCTION 3 COMPARATIVE RATING FOR THE INSURANCE INDUSTRY 3 TESTED AND PROVEN 4 BEYOND EXISTING SERVICES 5 BENEFITS TO INSURERS 5 BUILDING ON THE BENEFITS 6 ABOUT CGI 7 3Comparative Rating for Insurance Industry Abstract CGI has opened up the independent comparative rating market with a single rating source and rating service that benefits insurance companies, comparative rating firms, independent agents and customers. Rating algorithms at insurance companies are no longer only for batch processing or online quoting directly by their own agents. They can be accessed by intermediaries in a timely and secure manner. Online, real-time, Web-based rating information is now available like never before possible. Introduction Converting property and casualty online insurance quotes into policies is not likely to happen if: • there is a significant discrepancy between the online quote and the actual policy premium; • the insurer’s product does not reach the market in time to be competitive; or • the insurance company’s rating information is not interpreted accurately and kept current by comparative rating companies. What if independent agents had free, direct access to an insurance company’s rating information over the Internet through a single authoritative source? The insurer’s information would not be interpreted by third parties. Independent agents would always get the right information to pass on to their customers. The insurer’s product changes would take effect immediately. As a result, the insurance company would: • lower its operating costs; • gain greater business agility; • accelerate its products’ time to market;