London Broking Firms Representing More Than 80 Percent of London Market Sign Historic Commitment to PPL Platform, Powered by ...
September 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 senior
executives of 16 broking firms representing more than 80 percent of
business placed in the London market have made a formal commitment
to electronic placement of insurance through the Placing Platform
Limited (PPL) electronic placing platform, powered by Ebix's
technology.
The communiqué, signed through the auspices of the London &
International Insurance Brokers' Association (Liiba) board, was
revealed by Steve Hearn, chairman of the London Market Group (LMG),
at a market-wide forum held by the trade body yesterday, in London.
An open letter signed by the executives said they were committed to
all risks being captured and processed electronically.
"Firms have come to recognize that we can best achieve volume
take up by coalescing around a common piece of infrastructure," the
executives stated, noting that this would allow the market to
realize the LMG's vision of a "quicker, error-free placement
process delivering improved client service."
The Liiba commitment letter detailed the introduction of a
single platform to facilitate electronic support for placing, with
the PPL board being provided with appropriate finance and
authorization to enter into a contract, for a full market roll out
beginning January 2016. Ebix confirmed that it is presently on
target to launch the service on Jan.1, 2016.
The service will be a key component of the modernized London
market envisaged in LMG's Target Operating Model.
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 Australia, Brazil, Canada, India, New
Zealand, Singapore, the US and the UK, 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: Aaron Tikkoo - 678-281-2027 or atikkoo@ebix.com
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