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, 2nd April 2014.
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 technology.
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.