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
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