Ebix Signs Contract With Mutual Insurance Company to Provide SaaS-Based Enterprise Carrier System
ATLANTA, June 22, 2012 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that it has signed a contract with a US mutual insurance company to provide its Ebix Advantage Web Enterprise SaaS platform to the insurance company, for all its back end system needs such as rating, underwriting, policy administration, accounting, general ledger, billing and claims management. For confidentiality reasons, Ebix (EBIX) did not reveal the name of the insurance Company.
The contract mandates Ebix to support the insurance company's current business and future product development as also to provide enhanced operational efficiencies for their growing agency distribution channel.
Ebix Advantage Web is a modern and powerful pure SaaS-based, multi-lingual, multi-currency system, designed to cater to the complete range of general insurance activities such as Clients Management, Policy Administration, Dynamic rating and quoting, Claims management, Accounting, Document Management while providing an option to do comparative quoting for direct broking operations of Insurance Carriers, MGA's and Brokers.
Jon Mayo, Senior Director- Ebix, US P&C Operations, said, "This is a large win for us. This deal will start contributing strongly to our carrier division revenues this year. We are going to continue to strive to grow our Property & Casualty (P&C) carrier division revenues at double-digit percentage growth rates annually over the next few years. This deal is a big positive step forward in that direction."
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc. (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 30+ offices across Brazil, Singapore, Australia, the US, 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. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has a ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com
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Source: Ebix, Inc. 2012 GlobeNewswire, Inc.