Willis and Ebix Launch Industry’s First Electronic Accounting Platform to Speed Premium and Claims Payments
November 17 2015 - 7:44AM
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 Willis
Group Holdings (NYSE:WSH), the global risk advisory, re/insurance
broking and human capital and benefits firm, has rolled out a new
global electronic accounting platform developed in partnership with
Ebix to speed up cash flow and settle claims more quickly on behalf
of clients.
Following a successful pilot, Willis Accounting
replaces traditional paper and email delivery of statements with
automatic electronic messaging through an online portal. The new
platform will speed up premium transactions and claim settlements
with carriers and clients. Willis will supply the online portal to
around 1,100 carrier partners around the world (with comprehensive
training materials).
Clients of Willis as well as underwriters will
see significant benefits from the new electronic system including
enhanced cash flow; reduced risk though guaranteed data delivery
and quicker claims settlement.
Jeff Ward, Vice President and Head of Ebix
Europe, said: “Willis and Ebix are leading the global market in
electronic accounting and settlement. This will rapidly accelerate
the worldwide adoption of ACORD Ruschlikon at a speed and cost that
peer-to-peer messaging can simply never achieve. The twin goals of
faster settlement and the eradication of unallocated cash are now
significantly closer. We are delighted that our EbixExchange
platform was chosen to underpin Willis Accounting which is
supported by our renowned team of experts.”
David Shalders, Group Operations &
Technology Director for Willis Group, said: “As we continue to
implement operational improvements across Willis we are squarely
focused on delivering better service for our clients and carriers.
Improving our operations will make Willis more globally connected,
improve our efficiencies and give us much better tools to do our
job even better.”
“The steps we are taking in electronic
accounting are a great example of this approach,” David added. “Our
new electronic accounting system is an early example of what can be
achieved by innovating with technology and by taking a globally
consistent approach to our operations and processes. This system is
unprecedented and represents a significant first in the global
insurance industry. Willis Accounting will accelerate the process
of agreeing claim and premium transactions, support financial
reporting and improve the reconciliation process.”
About Ebix
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.
About Willis
Willis Group Holdings the global risk advisory,
re/insurance broking and human capital and benefits firm. With
roots dating to 1828, Willis operates today on every continent with
more than 18,000 employees in over 400 offices. Willis offers its
clients superior expertise, teamwork, innovation and market-leading
products and professional services in risk management and transfer.
Our experts rank among the world’s leading authorities on
analytics, modelling and mitigation strategies at the intersection
of global commerce and extreme events. Find more information at our
website, www.willis.com, our leadership journal, Resilience, or our
up-to-the-minute blog on breaking news, WillisWire. Across
geographies, industries and specialisms, Willis provides its local
and multinational clients with resilience for a risky world.
Contact:
Ebix, Inc. - +1 678-281-2027 or atikkoo@ebix.com
Aaron Tikkoo
Catalyst Global - +1 212-924-9800 or ebix@catalyst-ir.com
David Collins
Tanya Kamatu
Chris Eddy
Willis Group Holdings –
Media: + 44 2031 248 716 or nathan.hambrook- skinner@willis.com
Nathan Hambrook-Skinner
Investors: +1 212 915 8180 or matt.rohrmann@willis.com
Matt Rohrmann
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