JOHNS CREEK, GA – August 13, 2019 – 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 announced that it has continued its expansion of Ebix Life Platform services with Royal Neighbors of America with the latest launch of permanent products.
The Royal Neighbors deployment of Ebix’s Point of Sale Life Platform includes a custom, branded front end used by independent agents that supports Term and Permanent (Whole Life) insurance. The platform delivers illustration capabilities for all product types, E-Application, E-Signature, multiple interfaces with service providers, and integration with Swiss Re’s Magnum rules engine for immediate decisions. The fully integrated platform delivers a seamless, user friendly experience that makes it easy for distribution to do business with Royal Neighbors and facilitates the backend processing of cases that require full underwriting.
Ebix’s Point of Sale Life Platform enables their independent distribution channel to gain new efficiencies and improve the point of sale and new business process with the speed and accuracy of straight-through-processing automation. The integrated platform will reduce repetitive data entry, eliminate paper applications, facilitate in good order submissions, and introduces automated underwriting to save time and streamline the approval process.
Ebix’s Point of Sale Life Platform and product suite are used by the top insurance carriers, broker dealers, banks, BGA’s, IMO’s and other distribution channels to efficiently enhance and simplify the sale of insurance products.
“We understand that offering easy-to-acquire products is important for our Agents,” says Patricia Adams, Director of Underwriting at Royal Neighbors. “Using the Ebix platform has allowed us to simplify a complex process, streamlining the traditional underwriting process down to an easy, 30-minute application.”
Ash Sawhney, Ebix President - Insurance Solutions North America said, "We are excited that Royal Neighbors is modernizing its approach to how it offers its products and services to its distribution partners. Our Point of Sale e-Application platform allows companies like Royal Neighbors to offer a seamless, convenient experience to its sales channel to pave the way for a faster sale while reducing cycle times and manual processes.”
"Underwriting is at the heart of our business," said Jason Render, Head Magnum, Americas. "Swiss Re is dedicated to uncovering new opportunities that will enable our clients to make better, faster decisions, create tailored products, and build smarter, more engaging connections. We've enjoyed partnering with both Ebix and Royal Neighbors of America to create a seamless experience for their clients. Through the in-depth analysis of rules performance data, Swiss Re and Royal Neighbors have been able to identify improvement areas in the underwriting rules and improve their STP rates significantly over the course of several years. We look forward to building on our partnership as we continue to evolve to meet the future needs of customers in the market and working together to close the life insurance protection gap."
As a fraternal benefit society, Royal Neighbors of America is a unique provider of life insurance and annuities whose mission is to protect women financially and empower them to improve their lives, families, and communities. Royal Neighbors was founded as a membership organization in 1895 by nine pioneering women who recognized the need to insure the lives of women and children. Today, with headquarters in Rock Island, Illinois, and an operation in Mesa, Arizona, Royal Neighbors delivered over $17 million of Social Good in 2018 and serves over 200,000 members. For more information and to become a member of Royal Neighbors, visit us at www.royalneighbors.org.
With 50+ offices across 6 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, Ebix’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 administration and risk compliance services, around the world.
With a "Phygital” strategy that combines 320,000 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, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. For more information, visit the Company’s website at www.ebix.com
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