ATLANTA, GA – October 29, 2013 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that its Singapore Subsidiary Company has signed a contract with ThaiRe Services Co. Ltd. (TRS) to implement its group medical system in Thailand.
ThaiRe Services Co., Ltd (TRS) is a wholly owned subsidiary of Thailand’s only local Reinsurance Company for both Life and Non-Life reinsurance businesses, namely Thai Reinsurance Public Company Limited (ThaiRe). TRS is a major provider of outsourced Third Party Claims Administration (TPA) services to the Thai insurance industry. Its customers are predominantly insurers, both Life and Non-Life, offering Medical insurance and related coverage to Corporations as well as Individuals. In the provision of its TPA services, TRS has developed its own expansive Hospital and Clinic Network.
As a part of the contract, Ebix will implement its Group Medical system for TRS while replacing its current TPA system, to enable them to meet the needs of a growing customer base. Ebix Group Medical will enable TRS to have end-to-end claim processing capabilities, while allowing for synchronous interfacing with third party systems and real-time tracking of Medical Benefits Utilizations.
Surachai Sirivallop CEO of ThaiRe, said, “We are excited to be working with Ebix towards implementing this system across our network of 20 Thai insurance companies. Ebix’s advanced on-Demand technology coupled with its deep understanding of insurance made Ebix a natural choice for us. We expect this implementation to be the first of its kind in Thailand and thus are looking forward to showcasing this to the market.”
Ebix Senior Vice President Graham Prior said, “We thank TRS for this opportunity to help them in their pursuit to handle end-to-end claim processing over the web across their wide network of insurance companies. We intend to grow our presence in Thailand and thus are excited to be working with all 20 insurers while implementing this project.”
Ebix Group Medical is developed in a .NET framework using multi-tiered architecture. The project implementation is scheduled to start in Q4 of 2013, and is expected to be complete for deployment over the next 12 months. This deal is part of Ebix’s recent sales efforts to open up different world markets for its wide variety of insurance solutions.
About ThaiRe Services
ThaiRe Services Co., Ltd. a subsidiary of Thai Reinsurance Pcl., is a Thailand based Third Party Administrator providing medical claims assessment and medical benefits administration services. The Company’s client base includes both non-life and life insurance companies, besides self-funded employers. Thai Reinsurance Plc., (ThaiRe) is Thailand’s sole professional Reinsurance Company for both Life and Non-Life reinsurance businesses. Thai Re offers reinsurance coverage in all major property and casualty business lines, with particular expertise in property, casualty, engineering, marine and life customers. It provides reinsurance as well as insurance related services to all local insurers and works with foreign insurers and reinsurers in the provision of reinsurance capacity to the market. For more information, visit the Company’s website at www.thaire.co.th
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (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 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, 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 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. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has an ISO 9001:27001 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com.
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