JOHNS CREEK, Ga., July 18, 2018 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-governance and healthcare industries, today announced that the London Market Group was named winner of the British Insurance Technology Award for the Ebix- powered electronic placement platform Placing Platform Ltd. a few days back. This pioneering Exchange designed, built, deployed and run by Ebix has the unique distinction of being the only insurance Exchange in the world, that has been accepted as a de-facto standard for powering electronic placement of insurance, for the entire market place in London - the world’s largest insurance market.
The award was given for the Ebix powered Placement Exchange that has successfully transformed a market, which traditionally relied heavily on paper-based processes since its birth, into the present technology intensive London Market platform, that now has 100 carriers and 42 brokers conducting Risks electronically. The award was declared at a gala dinner event in London, with the present Chairman of PPL, Mr. Bronek Masojda and the former PPL Chairman David Ledger in attendance.
A collaboration between three market associations – the International Underwriting Association, London & International Insurance Brokers’ Association and the Lloyd’s Market Association, PPL enables one-touch data collection and has been rolled out across almost all lines of business now.
Robin Raina, President & CEO of Ebix said, "What was once a distressed asset owned by the Qatar Government, and an initiative that had few takers over in the London insurance markets, is today seen as a transformational modernization initiative, with market wide acceptance. This is the kind of stuff that excites me, as we have successfully changed the insurance industry landscape forever through this pioneering implementation, that has the potential of converging the entire insurance market across Europe and presumably the world, on one platform.”
Robin added, “We are honored and excited to be powering the technology behind this Exchange endeavor and are committed to doing everything within our means to make this world-leading, ground-breaking effort a huge success. I congratulate PPL, LMG and Lloyds for taking the initiative to modernize the London market as a part of LMG's Target Operating Model (TOM) and assure them of our continued complete support."
This Exchange is likely to further enhance the London market's leadership and global reputation. With this exchange, London is now the first and only commercial insurance market globally to implement electronic placing, besides enabling lower placement costs and making the market more accessible to international clients.
Ebix Europe delivers a large commercial insurance, specialty and reinsurance platform, EbixExchange, which provides brokers, cedants and insurers with a comprehensive portfolio of online functionality, processes and workflows to support the full (re)insurance lifecycle from quotation, binding and endorsement through claims, accounting and settlement.
About Ebix Europe
Ebix Europe is a wholly owned subsidiary of Ebix Inc., (NASDAQ:EBIX) that endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. For more information: www.ebix.co.uk
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 Foreign exchange, domestic & international money remittance, travel, pre-paid & gift cards, utility payments, etc., in an emerging country like India. 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