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ATLANTA, Feb. 27, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc. (Nasdaq:EBIX) today announced that it has been recognized by Celent, a leading research and advisory firm serving the financial industry, with its prestigious XCelent Technology Award for top performance in the area of Advanced Technology in the firm's latest research report entitled "North American Life Insurance New Business and Underwriting Systems 2012: Life, Health and Annuities ABCD Vendor View."
The report reviewed 15 vendor systems from 14 vendors focusing on new business and automated underwriting systems in use for life and annuity products. As part of the evaluation process, Celent looked at the availability of features and functionalities in the systems and how the systems interfaced with third party data providers.
"As insurers address growth, service, and distribution mandates and look to reduce cost per policy issued, insurers should look to what is available in the vendor marketplace for new business and underwriting systems," Karen Monks, Celent analyst and author of the report said. "The features, functionality and high levels of automation available in life insurance new business and underwriting systems available today can help insurers reduce per policy new business and underwriting costs over time."
Dan Delity, Ebix Senior Vice President – Global Sales, said "We are extremely grateful for this recognition from Celent. This award is a testament to our vision of delivering Straight-Through-Processing (STP) and world-class technology platforms for the life insurance industry. TPP is a Web-services platform that transforms the way new business is processed – allowing for many life insurance policies to be quoted, written, bound and issued at the point of sale."
Delity added, "We believe that banks and broker-dealers will be significant distributors of life insurance in the United States in the future. TPP allows these firms to choose the best life insurance values for their clients and significantly reduce the time and expense of delivering the policy. From life insurance research, illustrations, applications and underwriting - to interfacing with various internal and external systems across the life insurance industry, Ebix's commitment to the industry to provide a world class life insurance exchange to grow premiums has positioned it as the leader in the automation of Life Insurance New Business and Underwriting processes."