MetLife Honored With Celent Model Insurer Award for Their Work With Ebix and Swiss Re
March 25 2015 - 7:30AM
Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial and healthcare industries, today announced that MetLife,
a leading global provider of insurance, annuities and employee
benefit programs, has won the Celent Model Insurer award presented
at the recent Innovation & Insight Day ceremony, for its new
end-to-end life insurance technology and solution architecture
aimed at its US Direct channel. Ebix was the main technology
supplier on the project, named Apollo, which was designed and
implemented over a record period of 7-months.
Celent, a research and consulting firm focused on the
application of information technology in the global financial
services industry, focused their Innovation & Insight Day on
exploring how banks and insurance carriers are leveraging
technology in innovative ways to fundamentally transform how they
do business.
As a exchange vendor supporting MetLife, Ebix was the provider
and host of The Policy Processor (TPP) underwriting platform suite,
offering a solution for receiving applications, connecting to third
party databases, orchestrating workflow and processes, rendering
decisions, capturing data and issuing policies.
As part of the project, Ebix partnered with global reinsurer,
Swiss Re to provide MetLife with the Magnum underwriting rules
engine which was integrated and hosted with Ebix TPP. This engine
delivers Swiss Re's underwriting expertise electronically to
MetLife, enabling the automatic ordering and assessment of
underwriting information and streamlined decision making. This was
the first deployment of the plasmaTM solution (Magnum combined with
TPP) with a US carrier. Jason Bowman, Senior Vice President at
Swiss Re commented on the scale of the achievement:
"In many years implementing our Magnum system across the globe,
I have never seen a project of this complexity, involving multiple
vendors and technologies, completed in such a tight timeframe.
MetLife has shown what can be achieved through a pioneering spirit
and commitment to partnership."
In addition, Ebix provided MetLife with a centralized database
and repository, enabling integration and connection between all
related systems and housing marketing, sales and policy information
for analytical reporting, acting as a third party administrator and
processor for policies, payments, servicing, correspondences and
claims.
Thomas Corwin, Assistant Vice President at MetLife U.S. Direct
Business commented on the successful project, "We are incredibly
proud of this collaborative and innovative initiative, which has
helped transform the direct-to-consumer life insurance landscape
and pave the way for future business growth into new and exciting
products and distribution channels. The results have been
outstanding, including significant underwriting expense reductions,
faster processing times, innovative data and analytical
capabilities and a vastly improved customer experience."
"We congratulate MetLife for winning the Celent Model Insurer
award. This is an example of how Ebix is involved in convergence of
mission critical carrier processes. The combination of the
Ebix and Swiss Re solution, for which both companies have spent
years in R&D, is transformational in nature and the value
proposition is unprecedented." Robin Raina, president & CEO,
Ebix Inc. said, "The solution incorporates best in class end-to-end
automation of the new business and underwriting process from Ebix,
alongside with underwriting rules and risk management capabilities
of Swiss Re. The combination has created a solution which we
believe to be the most comprehensive and advanced in the industry,
and is getting a lot of interest in the marketplace."
About Ebix, Inc.
A leading international supplier of On-Demand software and
E-commerce services to the insurance, financial and healthcare
industries, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions
ranging from infrastructure exchanges, carrier systems, agency
systems and risk compliance solutions to custom software
development for all entities involved in the insurance
industry.
With 40+ offices across Brazil, Singapore, Australia, the US,
UK, New Zealand, 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 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
CONTACT: Jacqueline Marcus, Edelman
212-277-3787 or Jacqueline.Marcus@edelman.com
Aaron Tikkoo, Ebix
678-281-2027 or atikkoo@ebix.com
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