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With 4,500 users across 950 carriers, Willis Accounting - powered by Ebix Exchange - demonstrates a new era of streamlined, digital synchronicity between broker and carrier
JOHNS CREEK, Ga., Oct. 22, 2019 (GLOBE NEWSWIRE) -- Ebix Europe, a subsidiary of 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 Willis Accounting, the Willis Towers Watson carrier interface powered by Ebix Europe’s electronic accounting Platform EbixExchange, has now seen over US$ 20 billion of premium submitted in its four years since inception.
There are now 4,500 users of Willis Accounting across 950 carriers, and since January this year alone, over 35,000 supporting documents have been shared electronically on the platform. The success of this venture further reinforces Ebix Europe’s market reform re-engineering leadership position.
In the four years since it was introduced, Willis Accounting - a platform designed to accelerate the process of agreeing premium transactions electronically, supporting financial reporting and improved reconciliation process - has also seen over 670,000 technical accountants received and of these 95.5% of transactions were agreed first time. All of this has combined to eradicate unallocated cash, and improve transparency and efficiency, with the majority of transactions agreed within 48 hours.
James Pring, Ebix Europe Head of Sales and Account Management, commented, “The global specialty (re)insurance market is at a crossroads, and digital transformation is at the centre of its future success. In transitioning from non-standard, time consuming manual processes to a streamlined electronic interface through Willis Accounting, Willis Towers Watson has demonstrated its commitment to reforming and updating market processes, with all parties now benefiting from the quality, transparency and integrity of an electronic accounting and settlement performance.”
“In September 2019, Willis Accounting turned four years old - an auspicious milestone calculated from when the first message was received in the production environment. Momentum has been strong, and the huge volumes of data and premium that have been submitted through the platform have drastically reduced the amount of time spent on repetitive admin work, so that Willis and its clients can spend more time enhancing relationships and creating new opportunities. We look forward to continuing to work with Willis to build on the fantastic success of Willis Accounting to date,” concluded Pring.
Richard Brame, Head of Accounting & Settlement at Willis Towers Watson, commented, “A great deal has been achieved since Willis Accounting was first deployed 4 years ago. Working with Ebix, we have deployed an easy to use accounting portal which delivers faster reconciliation and query management leading to speedier agreement and cashflow. With complete and accurate data sets, less re-work and a reduction in unmatched cash, data integrity is improved, and processes streamlined. There is no to cost to our carrier partners working with Willis Accounting and ultimately this delivers improved Client service.”
“In collaboration with EBIX, we see Willis Accounting as a real success and hope that the number of partners that we work with will soon pass the 1,000 carrier offices mark,” concluded Brame.
EbixExchange is the premier On-Demand cloud-hosted Software Exchange offering products and services that digitalize the insurance process from quote through to bind and beyond. EbixExchange products include market leading solutions and aggregations like PPL (quote through bind), Accounting and Settlement (Ebot), Claims (Ecot) and integration with Structured data capture (SDC).
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 45,000 employees serving more than 140 countries and markets.
We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas — the dynamic formula that drives business performance.
About Ebix Europe and Ebix, Inc.
Ebix Europe, a wholly owned subsidiary of Ebix Inc. is the largest provider of electronic trading solutions and innovative Insurtech products to the global (re)insurance market, covering both large commercial and specialty markets. For more information, visit the Company’s website at www.ebixeurope.co.uk/
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.
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
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As used herein, the terms “Ebix,” “the Company,” “we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains forward-looking statements and information within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company's products by the market, and management's plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission ("SEC"), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as "may," "could," "should," "would," "believe," "expect," "anticipate," "estimate," "intend," "seeks," "plan," "project," "continue," "predict," "will," "should," and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K and subsequent reports filed with the SEC, as well as: the risk of an unfavorable outcome of the pending governmental investigations or shareholder class action lawsuits, reputational harm caused by such investigations and lawsuits, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company's ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in Australia, UK and India wherein we have significant operations); equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and international conflict, including terrorist acts.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto. You may obtain our SEC filings at our website, www.ebix.com under the "Investor Information" section, or over the Internet at the SEC's web site, www.sec.gov.
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