ATLANTA– Sep. 10, 2014 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced that United Farm Family Life Insurance Company, dba Indiana Farm Bureau Insurance (“IFBI”), has successfully commenced production on EbixExchange’s Straight through Processing e-App solution.
The end-to-end straight through processing solution from Ebix allows IFBI to process life insurance applications immediately rather than in days, while ensuring that 100 percent of life insurance applications submitted through the e-App solution, are received in good order. The versatile solution handles simplified and fully underwritten life insurance products while supporting both term and permanent life insurance.
Cindy Carpenter, e-App Project Manager from IFBI said, "We are very pleased with the smooth implementation and performance of the system. We now have a straight through process, which enables us to electronically receive applications and feed them directly into our new business and underwriting system, which was also licensed from EBIX and has been in production now for more than three years."
Carpenter further commented, "We looked at several different options. Our needs were more complex than a simple e-APP. We needed an e-App that could be dynamically rendered through rules that reside in our new business and policy administration systems. The EBIX solution met these requirements and stood above the other options we considered.”
The e-App straight through processing solution ensures that the Agents do not have to go back to their client for missing forms, additional information or missing signatures; thus saving time and creating opportunity for additional sales.
With a rich user interface, and state of the art technology that allows for dynamic rendition of the application based on a centralized repository of product and Underwriting rules, the solution also enables the agents to submit applications electronically for immediate underwriting as compared to a paper based application that took days earlier. The e-App solution comes with the ability to do real-time validations during the application process to manage Not in Good Order Applications, besides being enabled with electronic signature interface capability.
Ash Sawhney, Vice President, Ebix Inc. said, "We started our journey with IFBI in 2009, and the initial focus was to streamline the back-end processes for new business and underwriting, which was streamlined through our TPP solution. In Phase 2, we added the e-App to extend the process to the field. We commend IFBI for their focus on making it easier for their producers to do business with their company. The launch of the e-App is a major milestone in creating a true straight through process."
Dan Delity, Senior Vice President, Ebix Inc. said, "IFBI is a classic case study of where the industry is headed. We have to look at the entire process from point of sale through the issuance of the policy. Simply enabling a static front-end that is un-tethered to the back-end process will not provide the efficiencies and value that the industry requires. EBIX has made significant investments in bringing more and more intelligence to the point of sale. Our goal is to consolidate and grow our leadership position in this area."
Indiana Farm Bureau Insurance has served Hoosiers for nearly 80 years. Organized in 1934 by Indiana Farm Bureau, Inc., the company has grown to include insurance products for auto, life, home, business and farm. Banking and other financial services and products are also available through its local offices and online at www.infarmbureau.com. With a home office in downtown Indianapolis and local offices in all 92 counties, Indiana Farm Bureau Insurance serves Hoosiers with nearly 500 agents and approximately 1,200 employees living and working throughout the state. The company is a leader in auto and homeowners insurance and the largest writer of farm insurance in the state. For more information, visit the Company’s website at www.infarmbureau.com
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 risk compliance solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, 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. For more information, visit the Company’s website at www.ebix.com.