CGI Collaborates With Munich Re’s Risk Management Partners to Help Insurers Reduce Claims and Increase Profits Through Climate Risk Mitigation

CGI (TSX: GIB.A) (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.