Johns Creek, GA – May 12, 2016 – 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 Celent, a leading research and consulting firm, has declared Ebix as the winner of two XCelent awards in the "Advanced Technology" and "Breadth of Functionality" categories. Celent announced the awards in their recently published 2016 New Business and Underwriting ABCD report.
The Ebix TPP (The Policy Processor) exchange product won awards for its advanced Technology and for the breadth of its functionality. With many competitors vying for this award, the criteria for these Celent awards is based on a wide spectrum of criteria, measurements and touchpoints, including customer feedback. A review and ranking of the new business and underwriting vendor systems actively being used by life insurers in North America is presented in this report.
Celent is a leading analyst firm that focuses on the utilization of information technology in the global insurance and financial services industry. Celent seeks to recognize marketplace solutions that have a clear and sustainable impact on the insurance Industry.
In the report titled North American LHA New Business and Underwriting Systems: 2016 ABCD Vendor View, Celent profiled 14 providers of new business and underwriting systems. The XCelent Award winners were chosen by Celent based on a detailed RFI that was sent to 14 vendors selling life/annuity/pension/health new business and underwriting systems. Each vendor included in Celent’s ABCD evaluation, provided a briefing and demo for Celent. The demo concentrated on usability and functionality for agents, underwriters and case managers; product and underwriting rules configuration; reporting and analytics; and other features. Celent also contacted at least three references to obtain feedback of the system’s business and technology value. The RFIs, the demos/briefings, and the reference surveys provided quantitative and qualitative data that was used in the ABCD analysis of these vendors.
Colleen Risk, Senior Analyst with Celent’s Insurance Group and co-author of the report said, “Celent is very pleased to present this award to Ebix. The Ebix TPP solution manifested best practices in the areas of technology and functionality. TPP is a modern new business and underwriting system that offers configurable rules, evaluation of third party data, analytics and sophisticated case tracking.”
Ebix Chairman, President and CEO Robin Raina said, “We are gratified and honored to be the recipient of this award. It underscores our commitment to lead through innovation. TPP is the foundation of our broader Straight Through Processing (STP) platform and it enables us to automate end-to-end insurance transactions. We have had phenomenal success in North America with our TPP solution, and we intend to leverage this success in other markets also now.”
“We are delighted to receive this award. It points to our leadership in the market and reflects the stellar team standing behind the product, our years of investment in the platform, and the exceptional relationships we have with large North American clients.” Ash Sawhney, Senior Vice-President of the Ebix Exchange Business unit said, “The depth and breadth of the TPP platform is extraordinary. It supports everything from Electronic Applications through to the Policy Issuance process. Ebix continues to be an industry leader in innovative automation solutions that address both the mid-market simplified issue process and the traditional fully underwritten process.”
Ebix’s The Policy Processor (TPP) is a leading automated underwriting exchange solution for a broad variety of insurance entities. This underwriting and policy processing solution focuses on Life and Annuities but can accommodate all life insurance products across all distribution channels. The system tightly integrates with both the carriers’ internal and third party systems. Application data can be received electronically or via paper and may be entered by producers, consumers, or employees through web based forms.
Once data has been entered, the TPP system automatically requests and tracks all underwriting requirements and scores all underwriting conditions for presentation to the home office underwriter. TPP also offers the option of exposing the underwriting rules to point of sales e-App solutions, such as the Ebix product LifeSpeed, for point of sale underwriting verification.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, 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 Brazil, Singapore, Australia, the US, UK, 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. For more information, visit the Company’s website at www.ebix.com
David Collins or Chris Eddy