JOHNS CREEK, GA – November 2, 2018 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that Celent, a leading research and consulting firm, awarded Ebix the Customer Base XCelent Award while naming the Company a leading vendor in the number of installed systems when compared to nine new business and automated underwriting (NBUW) vendors that qualified for Celent’s ABCD rankings. The findings were presented in their recently published 2018 New Business and Underwriting ABCD report.
The Ebix TPP (The Policy Processor) exchange product won awards in previous years for its advanced Technology and for the breadth of its functionality in 2016 and XCelent Technology Award for its Life Insurance New Business and Underwriting Platform in 2013. 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 New Business and Underwriting Systems 2018: Life, Annuity and Health ABCD Vendor, Celent profiled 19 systems in use or being marketed for North American life, health, and annuities products. The XCelent Award winners were chosen by Celent based on a detailed RFI that was sent to 9 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.
Karen Monks, 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 has had success in sales and implementations across North American insurers. It is a strong and highly functional system that continues to show momentum in the market.”
Ebix Chairman, President and CEO Robin Raina said, “We are delighted to receive this award and this award demonstrates our ongoing leadership in the market. TPP is a central component of our overall Straight-Through-Processing strategy.”
Ash Sawhney, President - Insurance Solutions North America said, “We are honored to receive this award. This is a testament to a stellar track record of successful implementations and client satisfaction. We are delighted with the growing client community and adoption of TPP in the marketplace. We will continue to invest in the product to maintain our leadership position in the market.”
Ebix’s The Policy Processor (TPP) is a leading new business and underwriting solution.
With 50+ offices across 5 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administrative and risk compliance, across the world.
With a "Phygital” strategy that combines 260,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, Forex, travel, pre-paid & gift cards, utility payments, lending etc., in an emerging country like India. The Company’s Forex Exchange has an approximate 70% market share of India’s airport Foreign Exchange business encompassing 25 international airports like Delhi, Mumbai, Bangalore, Chennai and Kolkata International airports, while conducting over 1 million transactions per annum. EbixCash, through its travel portal Via.com, is also one of Southeast Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients processing over 24.5 million transactions every year. For further details, visit www.ebixcash.com
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific 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