CGI collaborates with Munich Re's Risk Management Partners to help insurers reduce claims and increase profits through climate risk mitigation
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PARIS, July 3, 2024 /PRNewswire/ - CGI (TSX:GIB) (NYSE:GIB), one of the world's largest business and IT consulting services firms, is partnering with Risk Management Partners, a unit of Munich Re, the world's leading reinsurer, to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation.
This partnership will combine Munich Re's Location Risk Intelligence Platform with CGI's climate risk mitigation offerings to help insurers minimize the impact of climate change on their business models and profitability. Faced with increasing claims, insurers must deal with climate-related risks and challenges, all within an ever-changing and complex regulatory framework.
"CGI has developed a broad range of offerings focused on monitoring and helping insurers anticipate and address the impacts of climate change, from assessing risks and damage from natural events to implementing practical strategies that turn potential risks into strategic advantage," said Benoit Leboucher, Senior Vice-President Consulting Services at CGI. "This collaboration will contribute to a more sustainable, resilient and profitable insurance industry, notably as we help insurers manage, measure and create visibility on the outcomes of their initiatives."
Through the partnership, insurers can access rich decision support data to advance their risk management policies and practices, enabling better decision-making, such as:
- Pricing adaptations that are more closely aligned to the claims experience;
- Identification of main risk concentrations based on granular location assessments;
- Key performance indicators for each customer based on climate impact models and measurements; and
- Risk mitigations related to natural hazards and climate change across the globe.
"We are delighted to join forces with CGI in helping insurers address increasing climate risks," said Christof Reinert, Head of Risk Management Partners at Munich Re. "Climate change and the need to drive forward sustainability actions will continue to grow in importance, and insurers are looking for proven expertise and innovative solutions to respond to these trends. Our combined offering will deliver the comprehensive climate risk mitigation capabilities insurers need."
CGI will also manage the delivery of Munich Re's Location Risk Intelligence solution to insurers, covering every stage of implementation—from needs analysis to change management.
Overall, with the industry and technology expertise and the consulting support of CGI as part of the combined offering, insurers will integrate climate impact into their risk management and decision-making, spend less time and effort collecting climate risk data from multiple sources, produce ready-to-use and customizable climate risk reports, and improve their customer experience and competitiveness.
About CGI's Sustainability and ESG Advisory services
CGI's portfolio of proven Sustainability & ESG Advisory services enables clients to advance and balance collective sustainability and financial growth. The company's proven design, engineering and operating experience for critical enterprise solutions, along with a deep understanding of industries, ecosystems, supply chains and global interconnectedness helps clients map the way forward with confidence, embedding sustainability into their operations and realizing long-term business value. For the insurance industry, CGI's sustainability and climate risk mitigation offerings focus on prevention, data management and change management practices, helping both insurers and their customers prevent and mitigate risk.
About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 90,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2023 reported revenue is CA$14.30 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at CGI.com.
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SOURCE CGI Inc.