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Ebix eXchange (www.ebixexchange.com)

eXchange is Ebix's implementation of Microsoft's .NET technology towards providing a series of products and services to the Insurance marketplace in the areas of download, upload, billing enquiry, claims enquiry, reinsurance transactions etc.

It helps the Insurance industry to adopt an innovative open architecture approach, based on latest technologies that keep pace with the times we are in. Also, the fact that this service could be offered in a very simplified and quick manner at radically lower costs as compared to existing technologies being used makes eXchange a unique solution.

Ebix, through its eXchange service, connects consumers to multiple agencies and carriers; in addition to providing download, policy, billing and claims enquiry services to Insurance companies across more than 30 different agency systems. eXchange is a B2B product that acts at the back end as the facilitator for smooth flow of Insurance industry specific data in any specified format and over any specific transmission protocol available.

Overview of Ebix eXchange:

eXchange is the complex manipulator for the data with various functionalities embedded along with it. eXchange’s functionality can be broadly classified into:

•	Functional
•	Data specific
On functional level, eXchange is capable of handling (in real-time)
•	Download
•	Upload
•	Quoting
•	Direct Billing and claims Inquiry
On data Specific level, eXchange works within the following protocols and data formats.
•	XML, AL3, CSV, excel and flat file data types
•	HTTP, HTTPS, FTP, SOAP, Database Storage
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For more information contact us at services@ebix.com

Quoting Engine-eQUOTE
eQUOTE is a customizable web-service with its functionality focused on quoting engines (dynamic in nature) as well rating engines (for comparing the quotes). eQUOTE can be seamlessly integrated with multiple Insurance company systems – enabling the consumers to compare quotes from multiple Insurance companies. eQUOTE can handle multiple lines of businesses and can be conveniently integrated with back office applications. In a typical scenario, the following components are incorporated and configured with an eQuote web-service application. • Insurance Risk Types • Client/Prospect details. • Policy Details (Integration option with Back-office systems) • Quote Details • Dynamic rate building • Rule maintenance and Premium calculation • Comparative rating • Web Interface • Wording, Endorsement and Benefit Details • Real-time Rating Engine (fully XML compliant) • Manual Override Premium • Documentation management • Comprehensive Quote process management including: - Quotation Pending - Quotation Awaiting Client Documents - Quotation Awaiting Payment A comprehensive Rating Administration toolkit within eQUOTE provides the ability to: • Define the rules and variables required to Auto Rate the Premium for each Insurance product or Class of Business. • Record calculation fields used for the Auto Rating, i.e. Sum Insured calculation. • Define Referral rules and the reasons for Referral within each Product Type. • Define Decline rules and the reasons for Decline within each Product Type. • Define the Benefits each Product Type provides to the overall Risk. The eQUOTE Rating web-service is capable of interacting directly with back-office and external applications to determine the variables required for the Rating. Once the data is obtained, the eQUOTE Rating Engine: Applies rule based minimum/maximum premium values, adjustments, commissions, fees and Insurance rates. • Calculates Final Premium • Displays Benefit comparison • Displays Referral Reasons • Displays Reasons Declined

Spotlight

Customer Speaks

About outsourcing to Ebix Dan McCarthy, the CEO and Owner of Insurex, says, “It easily and efficiently allowed us to become a 24-hour operation.”

- As report by TAAR Report December 2004 issue.

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Insights

ACORD Standards:
an Industry “Best Practice”

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