Awards recognize provider’s efforts to advance annuity sales service via industry standards collaboration and technology development
Buena Vista, FL • May 17, 2009 – EbixExchange USA – a division of Ebix, Inc. (NASDAQ: EBIX) received three awards from insurance industry standards forum ACORD today at an invitation-only ACORD Awards Luncheon held at the Walt Disney World Dolphin Resort. The awards were presented to EbixExchange Director of Carrier Product Development, Sandy Hampel, in recognition of EbixExchange’s leadership in ACORD standards adoption.
EbixExchange is a leading developer of Web-based life insurance and annuity sales service applications. The firm provides automation for research, quoting, compliant illustrations and application order-entry via its VitalSales Suite, WinFlex, LifeSpeed and AnnuityNet platforms.
ACORD (the Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association that promotes the development and use of standards for the insurance, reinsurance, and related financial services industries.
Once a year, ACORD recognizes members who have provided exemplary effort in enhancing, implementing, and advocating ACORD data standards. Through this year’s program, ACORD presented three awards to EbixExchange: the Innovative Implementation Award, the Shared Service/Outsourcer or Infrastructure Platform/Middleware Award, and the Early Adopter – Forms Award. These awards represent ACORD’s appreciation of EbixExchange’s efforts in collaborating with ACORD industry forums and promoting the most recent ACORD standards within the EbixExchange technology offerings.
“I congratulate EbixExchange on winning three 2009 ACORD awards and applaud them for their leadership. They continually show the industry how vital ACORD data standards are for all participants,” said John Kellington, senior vice president, ACORD.
The awards also commemorate ACORD certification that new features within AnnuityNet were fully compliant with ACORD standards. The Innovative Implementation award was provided in recognition of ACORD certification of the ACORD standards used within AnnuityNet’s implementation of ACORD’s 1201 Product Profile for Annuities and Distributor Profile for Annuities standard which provides distributors with product details such as product, funds, features, and other provisions to assist with providing in-good-order transactions. This award also recognizes EbixExchange’s involvement with ACORD’s 510 eSignature and e-doc message standard. EbixExchange received the Shared Service/Outsourcer or Infrastructure Platform/Middleware Award in recognition of the provider’s automated business processes to support STP (Straight Through Processing) and enhancements of the ACORD standards. Award of the Early Adopter Award – Forms was principally based upon EbixExchange’s implementation of the ACORD 951 form within the AnnuityNet environment. ACORD standards are supported within the platform’s protocols by which carriers upload business rules associated with their products to the platform and by which a series of checks and data updates are provided to distributors accessing the carriers’ products – ultimately producing a new business transaction to automate the complete process.
“We’re gratified by the special recognition provided to us by ACORD in the form of these awards,” said Ms. Hampel. “We are very proud to share in the ongoing effort to standardize and streamline a multi-step process for the sale of annuities that ultimately drives significant growth for our company. We continue to enjoy working with ACORD and other industry partners, and it is highly rewarding to view the related implementation within our annuity exchange platform as a key contribution that supports the Straight Through Processing goal pursued by the industry. I want to recognize and thank the entire EbixExchange team for their efforts and hard work. It’s highly rewarding to gain the ACORD industry recognition.”
About EbixExchange USA
EbixExchange USA is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange’s parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX). For more information, please visit http://www.ebixexchange.com.
About Ebix, Inc.
A CMMI 5 Company, Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in the United States, Australia, New Zealand, Singapore, UK and India, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix’s focus on quality has enabled its development unit in India to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model Integrated (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit the Company’s Web site at www.ebix.com.
Jim Bolton, 703-234-0162