Ebix Powered Placement Insurance Exchange Wins British Insurance Award
July 18 2018 - 8:14AM
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 the London Market Group was named winner of the British
Insurance Technology Award for the Ebix- powered electronic
placement platform Placing Platform Ltd. a few days back. 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.
The award was given for the Ebix powered
Placement Exchange that has successfully transformed a market,
which traditionally relied heavily on paper-based processes since
its birth, into the present technology intensive London Market
platform, that now has 100 carriers and 42 brokers conducting Risks
electronically. The award was declared at a gala dinner event in
London, with the present Chairman of PPL, Mr. Bronek Masojda and
the former PPL Chairman David Ledger in attendance.
A collaboration between three market
associations – the International Underwriting Association, London
& International Insurance Brokers’ Association and the Lloyd’s
Market Association, PPL enables one-touch data collection and has
been rolled out across almost all lines of business now.
Robin Raina, President & CEO of Ebix said,
"What was once a distressed asset owned by the Qatar Government,
and an initiative that had few takers over in the London insurance
markets, is today seen as a transformational modernization
initiative, with market wide acceptance. This is the kind of stuff
that excites me, as we have successfully changed the insurance
industry landscape forever through this pioneering implementation,
that has the potential of converging the entire insurance market
across Europe and presumably the world, on one platform.”
Robin added, “We are honored and excited to be
powering the technology behind this Exchange endeavor and are
committed to doing everything within our means to make this
world-leading, ground-breaking effort a huge success. I
congratulate PPL, LMG and Lloyds for taking the initiative to
modernize the London market as a part of LMG's Target Operating
Model (TOM) and assure them of our continued complete support."
This Exchange is likely to further enhance the
London market's leadership and global reputation. With this
exchange, London is now the first and only commercial insurance
market globally to implement electronic placing, besides enabling
lower placement costs and making the market more accessible to
international clients.
Ebix Europe delivers a large commercial
insurance, specialty and reinsurance platform, EbixExchange, which
provides brokers, cedants and insurers with a comprehensive
portfolio of online functionality, processes and workflows to
support the full (re)insurance lifecycle from quotation, binding
and endorsement through claims, accounting and settlement.
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, the Company’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 administrative
and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000
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 Foreign exchange, domestic &
international money remittance, travel, pre-paid & gift cards,
utility payments, etc., in an emerging country like India.
EbixCash, through its travel portal Via.com, is also one of
Southeast Asia’s leading travel exchanges with over 110,000
distribution outlets and 8,000 corporate clients processing over
24.5 million transactions every 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 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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