JOHNS CREEK, GA – December 9, 2020 – 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, today announced that Ebix was named in the “Dominant Provider” category in the just released Life/Health and Annuity New Business and Underwriting Navigator Report conducted by Novarica. The report profiled 16 of the insurance industry’s technology solution providers in this critical space where the applicant or agent first interact with an insurance company.
Rob McIsaac, FLMI, LLIF, EVP at Novarica said: “New Business and Underwriting systems tend to be mission critical for carriers. They are the lifeline for processing and onboarding new customers. Turnaround Time, Accuracy, and Quality are absolutely critical in these functions. The COVID-19 pandemic and related remote work and shutdowns have increased the need to compete in a digital world across all generations. Insurers are facing pressure to make their agent and customer interactions convenient, online, and device-agnostic. As the situation changes and people resume more normal activities, it is unlikely that the reliance and expectation on a digital experience will wane. Once consumers become accustomed to the convenience of an online experience, their expectations for digital capabilities will increase for insurance transactions.”
Ash Sawhney, President Insurance Solutions North America said: ”We are excited to be named in the top category in this report. The flexibility of our New Business and Underwriting system allows for an easy fit within a new or existing carrier and distributor technology ecosystem. This flexibility along with deep subject matter expertise and extensive integrations developed over the years, allow us for a rapid deployment, while seamlessly adapting to a client’s overall technology strategy. Ebix’s systems allow the end customer to purchase insurance through any channel that they choose – be it through an agent, broker, bank, or through the direct to consumer channel.”
The report points out that the Technology providers in the research are placed in one of four categories; Dominant Providers have strong market position and momentum. Their solutions in the segment are well-known. • Contenders have substantial customer experience and momentum. • Established Players have generally been in the market longer and have substantial customer experience. • New Entrants are emerging providers in this segment. This might include both new companies and established companies with newer solutions. They typically have limited existing customer bases.
The Policy Processor™ is the industry's most advanced and comprehensive new business and underwriting system for insurance. The system has been designed from the ground up with a No code / Low Code architecture. TPP accommodates all life insurance products, across all distribution channels. The application is integrated with a diverse mix of client in-house and third party systems. The information is collected from both the end-customer and agent through web-based eApplication forms, as well as from external data sources. TPP provides a means of straight through processing of underwriting information for medically underwritten as well as jet underwritten cases.
The Policy Processor™ forms a collaborative network hub, connecting organizations, systems, and people in the new business processing service chain. The underwriting and new business processing departments work collaboratively with several departments within the company, as well as with outside vendors and agents in the field. With TPP, the ecosystem is connected, making it possible for seamless, accurate, and expeditious processing of life new business cases.
This report is designed to provide an overview of the current solution provider marketplace for new business and underwriting solutions for life/health/annuity (L/H/A) insurers. It is designed to assist insurers in drawing up their short lists of potential providers based on vendor market position and offering details.
The solution provider profiles included within Novarica Market Navigator™ reports do not provide subjective analysis of each vendor’s solution. The reports are based on direct responses to an RFI distributed by Novarica, technical discussions with each vendor to verify the RFI responses, and subsequent follow-ups with the vendors to validate and confirm responses.
The RFI covers details of organization, technology stack, client base, and key functionality. Profiles also include a summary of key differentiators, lines of business supported, deployment options, implementation approaches, and how upgrades/enhancements are handled. Where available, screenshots of the products were provided by the vendor.
These reports do not render judgment; the specific situation and needs of an insurer will determine the fit with a potential. Novarica provides these types of advisory consultations to more than 100 insurer clients through its retained advisory services.
You can obtain a copy of the Novarica New Business and Underwriting Navigator report by contacting Novarica.
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 globally in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Asian countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in the areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, and lending, wealth and asset management solutions and services in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business, with operations in 32 international airports, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata. These Forex operations conduct over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approximately $5 billion gross in annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges, with over 2,200+ employees, a 212,450+ agent network, 25 branches and over 9,800 corporate clients. The EbixCash travel business processes an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, and travel technology in India and has grown its international expanse to Europe, Middle East, Africa and other ASEAN countries.
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
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through research, retained advisory services, consulting, and special programs.
We serve clients in life/annuity/retirement, property/casualty, workers’ compensation, and reinsurance. Our clients range from Fortune 100 insurers to small regionals and specialty companies. Although most of our clients prefer we keep their names confidential, a partial client roster includes Amica, AXA XL, GenRe, Grange, Hanover, Penn Mutual, Principal, ProSight, SECURA, SunLife, and more than 100 others.
Our senior team has direct experience as senior IT executives at firms including AIG, Arbella, AXA, Guardian, Liberty Mutual, Marsh, MetLife, Progressive, Prudential, Travelers, and others.
We publish frequent, independent, in-depth research on trends, best practices, and vendors. Our research projects are directed by our senior team and leverage our relationships with the more than 300 insurer CIO members of our Research Council. We conduct more than 2,000 conversations with insurer executives every year.
Our retained advisory services provide enterprise access to our research, unlimited phone and email consultations with our team, facilitated 1-on-1 conversations with other CIOs in our network, and an annual trends and best practices workshop.
Our consulting services include assessments, strategic blueprints and roadmaps, benchmarking, business process visioning, and vendor evaluation across digital, data/analytics, core systems, operating model, and innovation.
Our special programs include our Silicon Valley Innovation Tour, InsureTech Summits, Executive Leadership Development with Brown University, an online learning course in Foundations of Insurance Technology Strategy, and more.
More information at https://novarica.com