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 the
Ebix powered Exchange Platform Placing Ltd. (PPL) has surpassed Q2
electronic placing targets. This pioneering Exchange designed,
built, deployed and run by Ebix has the unique distinction of being
the only insurance Exchange in the world, that has been accepted as
a de-facto standard for powering electronic placement of insurance,
for the entire market place in London - the world’s largest
insurance market.
More than half of in-scope market risks were
placed electronically in the London and Lloyd’s markets during the
second quarter, surpassing targets placed on the PPL and other
recognized electronic placement systems.
The target for this quarter was to have placed
50% of in scope risks through electronic placement. Lloyd’s
syndicates accepted 60.2% of in-scope risks, while members of the
London company market, represented by the International
Underwriting Association (IUA), accepted an average of 51% of
in-scope risks.
“These numbers are a great success for everyone
in the market and should give us all tremendous confidence that the
London market has genuinely adopted electronic placement,”
commented Bronek Masojada, chair of the PPL Board. “We got here
through a program of steady and systematic action to change the way
the market works.”
Masojada said the next step is to build the same
success in submissions as in risks bound. “Our goal is to hit a
target of 10% for submissions in Q4 of this year.”
During the third quarter, each syndicate will be
required to have written no less than 60% of its risks using a
recognized electronic placement system with the target increasing
to 70% in Q4.
Much of the electronic risk placement is being
handled by the London market’s electronic placing platform, PPL.
Some London market business, such as treaty reinsurance, cannot be
carried out on the platform. Therefore, its analysis of the extent
of electronic placement includes so-called in-scope risks.
“These numbers are encouraging and demonstrate a
market-wide commitment to modernize the way we do business at
Lloyd’s. We must continue with this momentum as well as look to
achieve the same success in submission rates,” said John Neal,
Lloyd’s chief executive.
Louise Day, IUA Director of Operations,
commented: “The latest quarter shows a significant rise in the use
of PPL amongst IUA companies from 32% to 51% of in-scope risks.
Some new members have recently taken up e-placement via the
platform and have really hit the ground running. The introduction
of the broker mandate has also made it more likely that more risks
are being presented electronically to our members.”
“There are now well over 100 broking businesses
signed up to electronic placement, representing the vast majority
of premiums placed in London – and 55% of risks bound are outside
the Big Three brokers,” said Christopher Croft, CEO of London &
International Insurance Brokers’ Association (LIIBA).
“This performance demonstrates that PPL has
developed into a significant asset for the market as a whole. Now
we need all market participants to continue to work collectively to
ensure that it fulfills its undoubted potential to deliver a
simpler, more efficient way for our policyholders to access our
products and services,” Croft continued.
“These figures are highly encouraging. It is
critical that we build on the momentum that is seeing record
numbers of risks being placed on PPL by working together as a
market to understand and overcome any obstacles that remain to
adopting electronic placing,” said Sheila Cameron, CEO of the
Lloyd’s Market Association (LMA).
“The question is no longer ‘will the market
embrace electronic placing?’ but ‘what does the platform of
tomorrow look like?’ It is important to remind ourselves that this
is a journey and we will not arrive at the final destination
immediately,” Cameron affirmed.
“We must continue to ‘learn as we go’, so that
we can continuously improve the platform and achieve the higher
volumes that will enable us to fully realize the benefits in terms
of the product we offer our clients, today and in the future,” she
added.
About Ebix Europe
Ebix Europe is a wholly owned subsidiary of Ebix
Inc., (NASDAQ: EBIX) that endeavors to provide On-Demand software
and E-commerce services to the insurance, financial, healthcare and
e-learning industries. For more information: www.ebix.co.uk
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 further details, visit
www.ebixcash.com
Through its various SaaS-based software
platforms, Ebix employs thousands of domain-specific 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 JosephIR@ebix.com or 678 281 2027
David Collins or Chris EddyCatalyst Global - 212-924-9800 or
ebix@catalyst-ir.com
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