Ebix Europe and JLT to
Present Success With Electronic Accounting Using EbixExchange, at
Lloyds on 2nd April 2014
LONDON, March 31, 2014 (GLOBE NEWSWIRE) -- Ebix,
Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand
software and E-commerce services to the insurance industry, today
announced that Ebix Europe and one of the largest intermediaries in
the world, JLT, will be presenting their successful implementation
of the EbixExchange platform, at Lloyds on Wednesday, 2nd April
2014.
Lloyd's of London, the world's oldest insurance
market, celebrated its 325th anniversary last week in an event
attended by Queen Elizabeth II and Prince Phillip. Technological
modernization of the London insurance market has been gathering
pace since the mid 2000's and has been aided in recent times by the
widespread adoption of EbixExchange's electronic trading and
accounting technology.
JLT and Ebix will be jointly conducting this
thought leadership session, presenting the modernization success
story to Lloyd's of London and representatives from the London
insurance market. The focus of the joint presentation will be on
showcasing straight through processing of insurance transactions in
the large commercial insurance and reinsurance markets, while
sharing the speed of implementation and the efficiencies
achieved.
In what would once have been a complex and
expensive IT project, JLT's systems were joined to EbixExchange in
just two months using special data mapping techniques pioneered by
Ebix. As a result, JLT's accounting and settlement processes are
now connected to the global Ruschlikon Initiative that enables the
exchange of ACORD standard technical and financial accounting data
between brokers and underwriters.
Jeff Ward, Vice President of Ebix Europe said,
"EbixExchange today is used by almost every large global insurance
broking company, with our technology helping them and over 100
(re)insurance underwriting organizations revolutionize the way they
trade. The speed at which we can connect broking firms is a key
factor to the success of electronic initiatives like Ruschlikon,
both in London and in insurance markets throughout the world."
Charles Brown, Partner at JLT said, "Integrating
to EbixExchange using very cost-effective and low-risk techniques
allowed us to get to market quickly with the Ruschlikon Initiative.
We now have the capability to extend our Broker/Insurer
Partnerships to achieve our commitment to settle underwriter
accounts significantly faster than before, which is to the benefit
of all parties - our clients, our underwriters and us."
EbixExchange's client base in Europe spans
hundreds of carriers along with many cedants and the majority of
the worlds leading and most respected insurance brokers. The
EbixExchange service in Europe provides a comprehensive portfolio
of online functionality, processes and workflows to support the
full (re)insurance lifecycle from quotation, binding and
endorsement through claims, accounting and settlement for all types
and classes of commercial insurance and facultative & treaty
reinsurance business.
Fully supporting straight through processing,
EbixExchange provides secure and efficient integration channels for
all (re)insurance transaction types and document exchange using
global ACORD messaging standards. EbixExchange helps reduce
paperwork, repetitive data entry, processing times and costs whilst
providing security, contract certainty, audit trail and regulatory
compliance.
About JLT Group
JLT is one of the world's largest providers of
insurance, reinsurance and employee benefits related advice,
brokerage and associated services. JLT owns offices in 39
territories with some 9,000 employees, supported by the JLT
International Network, enabling us to offer risk management and
employee benefit solutions in 135 countries.
The Group was formed in February 1997 by the
merger of Jardine Insurance Brokers and Lloyd Thompson Group. Lloyd
Thompson was founded in 1981 and listed on the London Stock
Exchange in October 1987.
The Company's client proposition is built upon its
deep specialist knowledge, client advocacy, tailored advice and
service excellence. Together, the Company places its clients first,
champions independent thinking and expects to be judged on the
results that it delivers.
About Ebix,
Inc.
A leading international supplier of On-Demand
software and E-commerce services to the insurance industry, Ebix,
Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from
infrastructure exchanges, carrier systems, agency systems and BPO
services to custom software development for all entities involved
in the insurance industry.
With 35+ offices across Brazil, Singapore,
Australia, the US, New Zealand, the UK, India and Canada, Ebix
powers multiple exchanges across the world in the field of life,
annuity, health and property & casualty insurance while
conducting in excess of $100 billion in insurance and re-insurance
premiums on its platforms. Through its various SaaS-based software
platforms, Ebix employs hundreds of insurance and technology
professionals to provide products, support and consultancy to
thousands of customers on six continents. For more information,
visit the Company's website at www.ebix.com.
About EbixExchange,
Europe
EbixExchange is a trading service for the global
insurance and reinsurance industry. EbixExchange provides buyers,
brokers and carriers with a complete set of screens, processes and
workflow to support quotation, signing and endorsements for all
types and classes of commercial insurance and facultative and
treaty reinsurance business. In addition, EbixExchange provides
straight through processing for the insurance and financial
industries, encompassing CRM & agency management, research,
illustration, transaction processing, underwriting, distribution,
servicing of a policy and compliance; across life, property &
casualty, health and many other lines of insurance. For more
information please visit www.ebixexchange.co.uk.
CONTACT:
Investors
Steven Barlow, Vice President - Investor Relations
678-281-2043 or steve.barlow@ebix.com
Aaron Tikkoo
678-281-2027 or atikkoo@ebix.com
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ebix, Inc. via Globenewswire
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