Ebix Europe, a subsidiary of 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 Willis Accounting, the Willis Towers
Watson carrier interface powered by Ebix Europe’s electronic
accounting Platform EbixExchange, has now seen over US$ 20 billion
of premium submitted in its four years since inception.
There are now 4,500 users of Willis Accounting
across 950 carriers, and since January this year alone, over 35,000
supporting documents have been shared electronically on the
platform. The success of this venture further reinforces Ebix
Europe’s market reform re-engineering leadership position.
In the four years since it was introduced,
Willis Accounting - a platform designed to accelerate the process
of agreeing premium transactions electronically, supporting
financial reporting and improved reconciliation process - has also
seen over 670,000 technical accountants received and of these 95.5%
of transactions were agreed first time. All of this has combined to
eradicate unallocated cash, and improve transparency and
efficiency, with the majority of transactions agreed within 48
hours.
James Pring, Ebix Europe Head of Sales and
Account Management, commented, “The global specialty (re)insurance
market is at a crossroads, and digital transformation is at the
centre of its future success. In transitioning from non-standard,
time consuming manual processes to a streamlined electronic
interface through Willis Accounting, Willis Towers Watson has
demonstrated its commitment to reforming and updating market
processes, with all parties now benefiting from the quality,
transparency and integrity of an electronic accounting and
settlement performance.”
“In September 2019, Willis Accounting turned
four years old - an auspicious milestone calculated from when the
first message was received in the production environment. Momentum
has been strong, and the huge volumes of data and premium that have
been submitted through the platform have drastically reduced the
amount of time spent on repetitive admin work, so that Willis and
its clients can spend more time enhancing relationships and
creating new opportunities. We look forward to continuing to work
with Willis to build on the fantastic success of Willis Accounting
to date,” concluded Pring.
Richard Brame, Head of Accounting &
Settlement at Willis Towers Watson, commented, “A great deal has
been achieved since Willis Accounting was first deployed 4 years
ago. Working with Ebix, we have deployed an easy to use accounting
portal which delivers faster reconciliation and query management
leading to speedier agreement and cashflow. With complete and
accurate data sets, less re-work and a reduction in unmatched cash,
data integrity is improved, and processes streamlined. There is no
to cost to our carrier partners working with Willis Accounting and
ultimately this delivers improved Client service.”
“In collaboration with EBIX, we see Willis
Accounting as a real success and hope that the number of partners
that we work with will soon pass the 1,000 carrier offices mark,”
concluded Brame.
EbixExchange is the premier On-Demand
cloud-hosted Software Exchange offering products and services that
digitalize the insurance process from quote through to bind and
beyond. EbixExchange products include market leading solutions and
aggregations like PPL (quote through bind), Accounting and
Settlement (Ebot), Claims (Ecot) and integration with Structured
data capture (SDC).
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading
global advisory, broking and solutions company that helps clients
around the world turn risk into a path for growth. With roots
dating to 1828, Willis Towers Watson has 45,000 employees serving
more than 140 countries and markets.
We design and deliver solutions that manage
risk, optimize benefits, cultivate talent, and expand the power of
capital to protect and strengthen institutions and individuals. Our
unique perspective allows us to see the critical intersections
between talent, assets and ideas — the dynamic formula that drives
business performance.
About Ebix Europe and Ebix,
Inc.
Ebix Europe, a wholly owned subsidiary of Ebix
Inc. is the largest provider of electronic trading solutions and
innovative Insurtech products to the global (re)insurance market,
covering both large commercial and specialty markets. For more
information, visit the Company’s website at
www.ebixeurope.co.uk/
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.
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 SAFE HARBOR
REGARDING FORWARD-LOOKING STATEMENTSAs used herein, the
terms “Ebix,” “the Company,” “we,” “our” and “us” refer to Ebix,
Inc., a Delaware corporation, and its consolidated subsidiaries as
a combined entity, except where it is clear that the terms mean
only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company's products by the market, and
management's plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission ("SEC"), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as "may," "could," "should," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "seeks," "plan,"
"project," "continue," "predict," "will," "should," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company's ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia, UK and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason.
Readers should carefully review the disclosures
and the risk factors described in the documents we file from time
to time with the SEC, including future reports on Forms 10-Q and
8-K, and any amendments thereto. You may obtain our SEC filings at
our website, www.ebix.com under the "Investor Information" section,
or over the Internet at the SEC's web site, www.sec.gov.
PR Contacts
Roddy LangleyLysander PR
Limitedroddy@lysanderpr.com 07740 633 296
Helen WrightLysander PR
Limitedhelen@lysanderpr.com 07842 729 579
Ebix IR ContactsDarren Joseph
or Gautam Sharma678 -281-2027 or IR@ebix.com
David Collins or Chris EddyCatalyst Global -
212-924-9800 or ebix@catalyst-ir.com
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