- Electronic accounting platform to be rolled out to around 1,100 carriers
- On-line portal for carrier agreement and query of premiums and claims
- Rapid global acceleration of ACORD Ruschlikon initiative
LONDON and JOHNS CREEK, Ga., Nov. 17, 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 Willis Group Holdings (NYSE:WSH), the global risk advisory, re/insurance broking and human capital and benefits firm, has rolled out a new global electronic accounting platform developed in partnership with Ebix to speed up cash flow and settle claims more quickly on behalf of clients.
Following a successful pilot, Willis Accounting replaces traditional paper and email delivery of statements with automatic electronic messaging through an online portal. The new platform will speed up premium transactions and claim settlements with carriers and clients. Willis will supply the online portal to around 1,100 carrier partners around the world (with comprehensive training materials).
Clients of Willis as well as underwriters will see significant benefits from the new electronic system including enhanced cash flow; reduced risk though guaranteed data delivery and quicker claims settlement.
Jeff Ward, Vice President and Head of Ebix Europe, said: “Willis and Ebix are leading the global market in electronic accounting and settlement. This will rapidly accelerate the worldwide adoption of ACORD Ruschlikon at a speed and cost that peer-to-peer messaging can simply never achieve. The twin goals of faster settlement and the eradication of unallocated cash are now significantly closer. We are delighted that our EbixExchange platform was chosen to underpin Willis Accounting which is supported by our renowned team of experts.”
David Shalders, Group Operations & Technology Director for Willis Group, said: “As we continue to implement operational improvements across Willis we are squarely focused on delivering better service for our clients and carriers. Improving our operations will make Willis more globally connected, improve our efficiencies and give us much better tools to do our job even better.”
“The steps we are taking in electronic accounting are a great example of this approach,” David added. “Our new electronic accounting system is an early example of what can be achieved by innovating with technology and by taking a globally consistent approach to our operations and processes. This system is unprecedented and represents a significant first in the global insurance industry. Willis Accounting will accelerate the process of agreeing claim and premium transactions, support financial reporting and improve the reconciliation process.”
About Ebix
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.
About Willis
Willis Group Holdings the global risk advisory, re/insurance broking and human capital and benefits firm. With roots dating to 1828, Willis operates today on every continent with more than 18,000 employees in over 400 offices. Willis offers its clients superior expertise, teamwork, innovation and market-leading products and professional services in risk management and transfer. Our experts rank among the world’s leading authorities on analytics, modelling and mitigation strategies at the intersection of global commerce and extreme events. Find more information at our website, www.willis.com, our leadership journal, Resilience, or our up-to-the-minute blog on breaking news, WillisWire. Across geographies, industries and specialisms, Willis provides its local and multinational clients with resilience for a risky world.