Ebix Extends Support to Lloyd’s Plans to Mandate the Ebix Powered PPL Exchange
February 19 2018 - 8:29AM
Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, e-governance and healthcare industries, today announced
that it has decided to extend its full support to Lloyd’s of London
in its attempt to mandate the use of the Ebix powered electronic
placing platform PPL exchange, while requiring all brokers and
underwriters to switch from paper-based to electronic trading in an
expeditious and phased manner. Ebix’s appreciation of Lloyd’s
efforts to modernize the London market as also its commitment to
support Lloyd’s in deploying the PPL exchange extensively, was
conveyed by Ebix Chief Executive Officer Robin Raina to the Lloyd’s
Chief Executive Officer Inga Beale, in a one-on-one conversation.
This could be a major development in the push to
aggressively deploy the exchange, and get rapid market usage of the
exchange. With Lloyd’s confirming its intent to consult the market
on the extent and timing of this mandate, eventually this PPL
exchange could cover the whole market, which writes approximately
$42 Billion of premiums every year.
Over the last few years, Ebix has worked closely
with PPL to deploy various lines on the platform, while continuing
to enhance the platform to meet the London modernization goals. PPL
is a core component of the London Market Target Operating Model
(TOM) market modernization programme. It is being implemented by
Lloyd’s to expedite the way the market does business, while also
driving down processing costs.
To date over 15,000 risks have been bound on the
PPL exchange, accounting for approximately 10 percent of the
market’s total since the exchange was deployed in 2016. Also,
nearly 60 percent of the financial and professional lines risks are
being placed electronically now. Recently, this Ebix powered PPL
exchange was used to close the Aon Client Treaty facility for 2018,
one of the largest and most complex transactions in the Lloyd’s
market.
On April 15th, 2016 Ebix had announced that it
had signed a contract with Placing Platform Limited (PPL), to
deploy a single insurance exchange across the entire London
insurance marketplace, to facilitate electronic placement of
insurance, while capturing and processing risks electronically. The
PPL Board had signed the contract on behalf of the International
Underwriting Association (IUA), the London & International
Insurance Brokers’ Association (LIIBA) and the Lloyd’s Market
Association (LMA).
This mandate by Lloyd’s could be a major step
forward to further enhance the London market’s leadership and
global reputation. With this exchange, London will be the first and
only commercial insurance market globally to implement electronic
placing fully and mandate its usage across the marketplace.
Such improvements will make the London market
the most efficient place to do insurance business worldwide. There
is a consensus that London has to continue to modernize to attract
more global insurance business and this exchange is designed to
lower placement costs and make the market more accessible to
international clients.
About Ebix Inc.
A leading international supplier of On-Demand
software and E-commerce services to the insurance, financial,
e-governance and healthcare industries, Ebix, Inc. provides
end-to-end on-Demand solutions ranging from infrastructure
exchanges, front end & back end enterprise systems, outsourced
administrative & custom software development solutions, and
risk compliance solutions for various entities involved in these
industries.
With 50+ 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 annually
on its platforms. Through its various SaaS-based software
platforms, Ebix employs hundreds of domain specific business 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:
Darren Joseph
678-281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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