EbixExchange Technology Helps Accelerate London Insurance Market Modernization
Ebix Europe and JLT to Present Success With Electronic Accounting Using
EbixExchange, at Lloyds on 2nd April 2014
LONDON, March 31, 2014 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading
international supplier of On-Demand software and E-commerce services to the
insurance industry, today announced that Ebix Europe and one of the largest
intermediaries in the world, JLT, will be presenting their successful
implementation of the EbixExchange platform, at Lloyds on Wednesday, 2^nd
Lloyd's of London, the world's oldest insurance market, celebrated its 325th
anniversary last week in an event attended by Queen Elizabeth II and Prince
Phillip. Technological modernization of the London insurance market has been
gathering pace since the mid 2000's and has been aided in recent times by the
widespread adoption of EbixExchange's electronic trading and accounting
JLT and Ebix will be jointly conducting this thought leadership session,
presenting the modernization success story to Lloyd's of London and
representatives from the London insurance market. The focus of the joint
presentation will be on showcasing straight through processing of insurance
transactions in the large commercial insurance and reinsurance markets, while
sharing the speed of implementation and the efficiencies achieved.
In what would once have been a complex and expensive IT project, JLT's systems
were joined to EbixExchange in just two months using special data mapping
techniques pioneered by Ebix. As a result, JLT's accounting and settlement
processes are now connected to the global Ruschlikon Initiative that enables
the exchange of ACORD standard technical and financial accounting data between
brokers and underwriters.
Jeff Ward, Vice President of Ebix Europe said, "EbixExchange today is used by
almost every large global insurance broking company, with our technology
helping them and over 100 (re)insurance underwriting organizations
revolutionize the way they trade. The speed at which we can connect broking
firms is a key factor to the success of electronic initiatives like
Ruschlikon, both in London and in insurance markets throughout the world."
Charles Brown, Partner at JLT said, "Integrating to EbixExchange using very
cost-effective and low-risk techniques allowed us to get to market quickly
with the Ruschlikon Initiative. We now have the capability to extend our
Broker/Insurer Partnerships to achieve our commitment to settle underwriter
accounts significantly faster than before, which is to the benefit of all
parties - our clients, our underwriters and us."
EbixExchange's client base in Europe spans hundreds of carriers along with
many cedants and the majority of the worlds leading and most respected
insurance brokers. The EbixExchange service in Europe provides 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 for all types and classes of commercial
insurance and facultative & treaty reinsurance business.
Fully supporting straight through processing, EbixExchange provides secure and
efficient integration channels for all (re)insurance transaction types and
document exchange using global ACORD messaging standards. EbixExchange helps
reduce paperwork, repetitive data entry, processing times and costs whilst
providing security, contract certainty, audit trail and regulatory compliance.
About JLT Group
JLT is one of the world's largest providers of insurance, reinsurance and
employee benefits related advice, brokerage and associated services. JLT owns
offices in 39 territories with some 9,000 employees, supported by the JLT
International Network, enabling us to offer risk management and employee
benefit solutions in 135 countries.
The Group was formed in February 1997 by the merger of Jardine Insurance
Brokers and Lloyd Thompson Group. Lloyd Thompson was founded in 1981 and
listed on the London Stock Exchange in October 1987.
The Company's client proposition is built upon its deep specialist knowledge,
client advocacy, tailored advice and service excellence. Together, the Company
places its clients first, champions independent thinking and expects to be
judged on the results that it delivers.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services
to the insurance industry, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end
solutions ranging from infrastructure exchanges, carrier systems, agency
systems and BPO services to custom software development for all entities
involved in the insurance industry.
With 35+ offices across Brazil, Singapore, Australia, the US, New Zealand, the
UK, India and Canada, 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 and re-insurance premiums on
its platforms. Through its various SaaS-based software platforms, Ebix employs
hundreds of insurance 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.
About EbixExchange, Europe
EbixExchange is a trading service for the global insurance and reinsurance
industry. EbixExchange provides buyers, brokers and carriers with a complete
set of screens, processes and workflow to support quotation, signing and
endorsements for all types and classes of commercial insurance and facultative
and treaty reinsurance business. In addition, EbixExchange provides straight
through processing for the insurance and financial industries, encompassing
CRM & agency management, research, illustration, transaction processing,
underwriting, distribution, servicing of a policy and compliance; across life,
property & casualty, health and many other lines of insurance. For more
information please visit www.ebixexchange.co.uk.
Steven Barlow, Vice President - Investor Relations
678-281-2043 or firstname.lastname@example.org
678-281-2027 or email@example.com
Ebix, Inc. Logo
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