Ebix and Royal Neighbors of America Deploy Point-of-Sale Life Platform
August 13 2019 - 7:31AM
Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of
On-Demand software and E-commerce services to the insurance,
financial, healthcare and e-learning industries announced that it
has continued its expansion of Ebix Life Platform services with
Royal Neighbors of America with the latest launch of permanent
products.
The Royal Neighbors deployment of Ebix’s Point
of Sale Life Platform includes a custom, branded front end used by
independent agents that supports Term and Permanent (Whole Life)
insurance. The platform delivers illustration capabilities for all
product types, E-Application, E-Signature, multiple interfaces with
service providers, and integration with Swiss Re’s Magnum rules
engine for immediate decisions. The fully integrated platform
delivers a seamless, user friendly experience that makes it easy
for distribution to do business with Royal Neighbors and
facilitates the backend processing of cases that require full
underwriting.
Ebix’s Point of Sale Life Platform enables their
independent distribution channel to gain new efficiencies and
improve the point of sale and new business process with the speed
and accuracy of straight-through-processing automation. The
integrated platform will reduce repetitive data entry, eliminate
paper applications, facilitate in good order submissions, and
introduces automated underwriting to save time and streamline the
approval process.
Ebix’s Point of Sale Life Platform and product
suite are used by the top insurance carriers, broker dealers,
banks, BGA’s, IMO’s and other distribution channels to efficiently
enhance and simplify the sale of insurance products.
“We understand that offering easy-to-acquire
products is important for our Agents,” says Patricia Adams,
Director of Underwriting at Royal Neighbors. “Using the Ebix
platform has allowed us to simplify a complex process, streamlining
the traditional underwriting process down to an easy, 30-minute
application.”
Ash Sawhney, Ebix President - Insurance
Solutions North America said, "We are excited that Royal Neighbors
is modernizing its approach to how it offers its products and
services to its distribution partners. Our Point of Sale
e-Application platform allows companies like Royal Neighbors to
offer a seamless, convenient experience to its sales channel to
pave the way for a faster sale while reducing cycle times and
manual processes.”
"Underwriting is at the heart of our business,"
said Jason Render, Head Magnum, Americas. "Swiss Re is dedicated to
uncovering new opportunities that will enable our clients to make
better, faster decisions, create tailored products, and build
smarter, more engaging connections. We've enjoyed partnering
with both Ebix and Royal Neighbors of America to create a seamless
experience for their clients. Through the in-depth analysis of
rules performance data, Swiss Re and Royal Neighbors have been able
to identify improvement areas in the underwriting rules and improve
their STP rates significantly over the course of several
years. We look forward to building on our partnership
as we continue to evolve to meet the future needs of customers in
the market and working together to close the life insurance
protection gap."
About Royal Neighbors As a fraternal benefit
society, Royal Neighbors of America is a unique provider of life
insurance and annuities whose mission is to protect women
financially and empower them to improve their lives, families, and
communities. Royal Neighbors was founded as a membership
organization in 1895 by nine pioneering women who recognized the
need to insure the lives of women and children. Today, with
headquarters in Rock Island, Illinois, and an operation in Mesa,
Arizona, Royal Neighbors delivered over $17 million of Social Good
in 2018 and serves over 200,000 members. For more information and
to become a member of Royal Neighbors, visit us
at www.royalneighbors.org.
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX)
endeavors to provide On-Demand software and E-commerce services to
the insurance, financial, healthcare and e-learning industries. In
the Insurance sector, Ebix’s main focus is to develop and deploy a
wide variety of insurance and reinsurance exchanges on an on-demand
basis, while also, providing Software-as-a-Service ("SaaS")
enterprise solutions in the area of CRM, front-end & back-end
systems, outsourced administration and risk compliance services,
around the world.
With a "Phygital” strategy that combines 320,000 physical
distribution outlets in many Southeast Asian Nations (“ASEAN”)
countries, to an Omni-channel online digital platform, the
Company’s EbixCash Financial exchange portfolio encompasses
leadership in areas of domestic & international money
remittance, foreign exchange (Forex), travel, pre-paid & gift
cards, utility payments, lending, wealth management etc. in India
and other markets. EbixCash’s Forex operations have emerged as a
leader in India’s airport Foreign Exchange business with operations
in 32 international airports including Delhi, Mumbai, Bangalore,
Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in
gross transaction value per year. EbixCash’s inward remittance
business in India conducts approx. $6.5 billion gross annual
remittance business, confirming its undisputed leadership position
in India. EbixCash, through its travel portfolio of Via and
Mercury, is also one of Southeast Asia’s leading travel exchanges
with over 2,200+ employees, 212,450+ agent network, 25 branches and
over 9,800 corporate clients; processing an estimated $2.5 billion
in gross merchandise value per year. For more information, visit
the Company’s website at www.ebix.com
CONTACT:
Darren Joseph
IR@ebix.com or 678 281 2027
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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