JOHNS CREEK, Ga., Sept. 25, 2015 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, today announced that senior executives of 16 broking firms representing more than 80 percent of business placed in the London market have made a formal commitment to electronic placement of insurance through the Placing Platform Limited (PPL) electronic placing platform, powered by Ebix's technology.
The communiqué, signed through the auspices of the London & International Insurance Brokers' Association (Liiba) board, was revealed by Steve Hearn, chairman of the London Market Group (LMG), at a market-wide forum held by the trade body yesterday, in London. An open letter signed by the executives said they were committed to all risks being captured and processed electronically.
"Firms have come to recognize that we can best achieve volume take up by coalescing around a common piece of infrastructure," the executives stated, noting that this would allow the market to realize the LMG's vision of a "quicker, error-free placement process delivering improved client service."
The Liiba commitment letter detailed the introduction of a single platform to facilitate electronic support for placing, with the PPL board being provided with appropriate finance and authorization to enter into a contract, for a full market roll out beginning January 2016. Ebix confirmed that it is presently on target to launch the service on Jan.1, 2016.
The service will be a key component of the modernized London market envisaged in LMG's Target Operating Model.
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries, Ebix, Inc., (NASDAQ:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and risk compliance solutions to custom software development for all entities involved in the insurance industry.
With 40+ offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the US and the UK, 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. For more information, visit the Company's website at www.ebix.com.