Ebix Australia and receipting.ai Launch Integrated Reconciliation Service

Underwriting agencies routinely spend significant time matching incoming cash in their trust accounts with remittances, closing advices and open invoices. As agencies grow, this manual work can place increasing pressure on finance teams.

Ebix Australia has partnered with receipting.ai to launch the Ebix Integrated Reconciliation Service, bringing AI-powered premium reconciliation to underwriting agencies using Ebix platforms. The service is available across eGlobal/Evolution, WinBEAT and CBS.

Supporting Growth Across Underwriting Agencies

The launch comes as underwriting agencies continue to expand across the Australian intermediated market, with the segment growing by more than 12% in the last financial year. Reducing manual receipting can help finance teams redirect their capacity towards business growth.

Commenting on this, Mark Tiernan, Chief Growth Officer of Ebix Australia, said, “Agencies are winning because they’re specialists. Freeing their finance teams from manual receipting means that capacity goes back into writing business. That’s the kind of growth we want to enable, for our clients and with them.”

Applying AI to Premium Reconciliation

The service is already in production with an eGlobal underwriting agency, where its matching engine matches and posts 97.6% of broker payments without a manual keystroke.

The complexity of payment information is one reason reconciliation has traditionally required significant manual intervention. According to Doug Hudgeon, CEO of receipting.ai, only one in seven remittance lines agrees with an underwriter’s records across every field, meaning the challenge cannot be addressed through file mapping alone.

The Ebix Integrated Reconciliation Service runs its matching process against certified ledger data and posts the results directly back, enabling agencies to automate the process while maintaining accountability.

Doug Hudgeon, CEO of receipting.ai, said, “Running the match on certified ledger data and posting straight back means agencies get reconciliation that is not just automated, but accountable.”

Building an Integrated Services Ecosystem

For Ebix Australia, the partnership forms part of a broader strategy to bring specialist capabilities into its platforms while maintaining control over the underlying financial and technology environment.

“Our strategy is simple: Ebix platforms should be the place where the best capabilities in the market plug in cleanly, safely and with full auditability,” said Kang Zhao, Chief Information and Strategy Officer, Ebix Australia. “We own the ledger integrity, the connectivity and the governance, and we partner with specialists who are genuinely best at what they do.”

The reconciliation service is the first of a family of integrated services that Ebix Australia plans to bring to its clients.

AI Focused on Measurable Outcomes

The partnership also reflects Ebix Australia’s approach to applying AI where it can address real workloads and deliver measurable outcomes while keeping people in control.

“We’re clear about where AI earns its place: real workloads, measurable outcomes, and a human in control,” said Philip Fourie, CEO and Managing Director, Ebix Australia. “Matching payments at this accuracy, with every posting fully auditable, is exactly that. It reflects what we stand for: innovation in service of our clients, not for its own sake.”

The Ebix Integrated Reconciliation Service brings together Ebix’s insurance platforms and receipting.ai’s specialist capability to address a specific operational challenge for underwriting agencies.

For more information on the Ebix Integrated Reconciliation Service, visit Ebix Australia’s Contact Us page or email sales@ebix.com.au.

Key Takeaways

• Ebix Australia and receipting.ai have launched an AI-powered reconciliation service for underwriting agencies.
• The service supports eGlobal/Evolution, WinBEAT and CBS platforms.
• Its matching engine matches and posts 97.6% of broker payments without a manual keystroke at an eGlobal agency.
• The solution uses certified ledger data to automate payment matching while maintaining accountability.
• The service is the first in a planned family of integrated capabilities for Ebix Australia clients.

Read more: https://www.ebix.com.au/ebix-australia-and-receipting-ai-announce-the-ebix-integrated-reconciliation-service/