Minneapolis, Minnesota and Atlanta, Georgia – November 24, 2014 – Security Life Insurance Company of America, a leader in the ancillary benefits market, today announced that it has successfully commenced use of Ebix’s state of art end-to-end EbixEnterprise Health Exchange and insurance administration solution. EbixEnterprise is an on-demand SaaS based Insurance exchange service from Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial and healthcare industries. This is the first implementation in the country of an Enterprise Insurance Exchange solution that encompasses a wide variety of services working together seamlessly with each other, across multiple channels and functional areas of group and individual insurance.
The EbixEnterprise solution streamlines the entire front and back end administration needs for Security Life, on multiple individual and group lines such as life, disability, dental, vision and limited benefit, while allowing for real time data exchange and integration with third party systems using service oriented architecture. The EbixEnterprise solution involves a spectrum of services working seamlessly together - namely the Customer Relationship Management (CRM), Policy administration, Claims administration, Document management, Reporting, Audit, Workflow, Quoting, Accounting, Reinsurance, Client management, Billing, Rating and Underwriting services coupled with a state-of-the-art web portal delivering self-service capabilities for their agents and employer groups, data warehouse, and business intelligence.
Data flows through the sales process to the middle office CRM system, allowing Security Life to quickly deliver an integrated solution that facilitates the entire electronic sales process. The solution also includes multiple integrations on both the front- and back-end, between Security Life and Ebix systems, including the client data system, commission accounting database and document management system. This creates efficiencies in the front and back office, leading to dramatically increased productivity rates and an enhanced experience for Security Life’s customers.
Thomas J. Bauer, EVP and Chief Operating Officer, Security Life Insurance Company of America said, “Security Life is committed to providing the best experience possible for its customers and it is important for us to create process efficiencies which accomplish that objective. We are pleased that partnering with Ebix, we are delivering that end-to-end seamless experience for all our clients, partners, users and employer groups.”
EbixEnterprise is a powerful SOA-based, multi-lingual, multi-currency system, designed to cater to the complete range of Group and Individual Health Insurance activities across diverse distribution channels such as Carriers, Brokers, Managing General Agents, Adjusters and Policy Holders. The system can be implemented as a fully integrated scalable platform capable of meeting the needs of all Health Insurance Carriers and Third Party Administrators.
Robin Raina, President and CEO of Ebix, Inc. said, “The dream of an enterprise solution that can converge the diverse front end and back end functionalities across multiple channels has typically eluded the group and health insurance sector. This partnership between Ebix and Security Life accomplishes that dream and thus is quite exciting. We thank Security Life for believing in Ebix’s ability to deliver this end-to-end solution.”
Security Life specializes in the ancillary benefits market, providing dental, vision, disability and life insurance products and services to consumers and employer groups. In close relationships with its distribution network of general agencies and strategic partners, Security Life is concentrated in individual insurance and small-to-mid size employer group business. Security Life has products available to market in 50 states (in conjunction with Security Heath Insurance Company of America, New York, Inc.). For more information, visit us at www.SecurityLife.com
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.
Katie Shuford, Edelman – 404-443-7399 or Katie.Shuford@edelman.com
Aaron Tikkoo – 678-281-2027 or atikkoo@ebix.com