CGI, one of the world’s largest business and IT consulting services firms, has announced a partnership with Risk Management Partners, a unit of Munich Re, the world’s leading reinsurer.
This collaboration aims to help insurers reduce claims, increase profits, and drive long-term value through climate risk mitigation.
The partnership combines Munich Re’s Location Risk Intelligence Platform with CGI’s climate risk mitigation offerings. This synergy will assist insurers in minimising the impact of climate change on their business models and profitability.
Insurers are currently facing increasing claims and must manage climate-related risks within an ever-changing and complex regulatory framework.
CGI offers a broad range of climate risk mitigation services designed to help insurers anticipate and address the impacts of climate change.
These services range from assessing risks and damage from natural events to implementing practical strategies that convert potential risks into strategic advantages. Munich Re, as the world’s leading reinsurer, provides a comprehensive platform that delivers rich decision-support data, aiding insurers in advancing their risk management policies and practices.
Through this partnership, insurers will benefit from enhanced decision-making capabilities. These include pricing adaptations that align more closely with claims experience, identification of main risk concentrations based on detailed location assessments, and key performance indicators for each customer derived from climate impact models. Additionally, insurers will be better equipped to mitigate risks related to natural hazards and climate change globally.
CGI will manage the delivery of Munich Re’s Location Risk Intelligence solution to insurers, encompassing every stage of implementation—from needs analysis to change management. This integrated approach will help insurers incorporate climate impact into their risk management processes, streamline data collection, and produce ready-to-use, customisable climate risk reports. Ultimately, this will improve customer experience and competitiveness.
Benoit Leboucher, senior vice-president of consulting services at CGI, said, “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. 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.”
Christof Reinert, head of risk management partners at Munich Re, said, “We are delighted to join forces with CGI in helping insurers address increasing climate risks. 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’s Sustainability & ESG Advisory services portfolio enables clients to advance and balance collective sustainability and financial growth.
The company’s expertise in design, engineering, and operating critical enterprise solutions, coupled with a deep understanding of industries and global interconnectedness, helps clients embed sustainability into their operations and realise long-term business value.
Copyright © 2024 InsurTech Analyst
