CIS General Insurance Limited (‘CISGIL’) today, 17 June 2015, announces that it has entered into an agreement with IBM to build an integrated insurance platform at a total cost of £55m and to provide that platform as a managed service for 10 years. IBM will provide Technology services for all insurance business functionality including;
- new business processing
- claims processing
- policy servicing
- interfacing to third parties
- hosting services.
- desktop, network and telephony services which will continue to be sourced from within Co-op Group (‘Group’).
The selection of IBM, after a detailed evaluation process, recognises their proven experience in delivering and running a complete end to end insurance platform. The platform will enable the general insurance business to progress and implement its strategic plan over the next 3 years and achieve its vision of being the go-to insurance provider for Co-op Members. The strategy for the General Insurance business, of which this relationship with IBM is a key component, reaffirms CISGIL as a core business within the Group, and one which will play an important role in the development of the Group in the years ahead.
Commenting Mark Summerfield, CEO, Co-op Insurance said;
“This strategic relationship with IBM will enhance our ability to meet the needs of our customers efficiently, effectively and innovatively. The capabilities delivered by the new IT platform, will allow us to increase the number of Co-op customers and members we serve, both through competitive propositions and through the development of strong distribution and insurer partnerships. In particular, the enhancements to our digital and data analytics capabilities will see us forge a sustainable and innovative position in the market.”
Russ Brady: Head of Group Public Relations
Kieran O’Keeffe: CISGIL CFO
Co-op Insurance is a major UK general insurer which offers home, motor, pet and commercial insurance products to its customers.
As a core business of Co-op Group, with approximately 1.2m insurance customers, The Co-op Insurance is committed to supporting The Group purpose of “Championing a better way of doing business for you and your communities”. Co-op Insurance pioneered the way in lowering the insurance premiums of Young Drivers as the first major insurer to launch a pay how you drive telematics insurance product for young drivers in 2011.
CISGIL underwrites the majority of business written supplemented with some small lines of business where CISGIL acts as a distributor or has a 100% reinsurance arrangement in place. It also offers commercial insurance arranged and administered by Aviva Insurance Limited and pet insurance provided, underwritten and administered by Allianz Insurance plc.
Co-op Group is the UK’s largest Co-op business with interests across food, funerals, insurance and legal services. Owned by millions of UK consumers, Co-op Group operates a total of 3,750 outlets, with more than 70,000 employees and an annual turnover of approximately £11 billion.