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Ebix Announces Agreement To Deploy Multi-Quoting Straight Through Processing (STP) Exchange Solution In Sao Paulo, Brazil

ATLANTA, July 8, 2013 (GLOBE NEWSWIRE) -- Ebix, Inc., (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced its subsidiary Ebix Latin America executed a contract with SINCOR-SP (Syndicate of Insurance Brokers of the State of Sao Paulo) for the implementation and deployment of a Multi-Quote Exchange Solution for auto insurance. There are about 70,000 brokers in Brazil, of which 40% operate in the State of Sao Paulo and are associated to SINCOR-SP. Each state in Brazil has its own SINCOR and several of these from other states have already shown interest on making such a solution available to their associated brokers.

The Multi-Quote Solution sponsored by SINCOR is the first initiative in Brazil to promote a New Business Exchange Hub, connecting both insurance brokers and carriers. Initially, Ebix will be processing and hosting the complete new business process for auto insurance, in sequence other products and lines of business will be added, such as Life, Annuities and P&C.

During an event last week held between June 28 and June 30, with the presence of over 1,000 brokers, SINCOR-SP promoted the launching of this solution to the market. Speaking at the opening ceremony, the president of SINCOR-SP, Mario Sergio de Almeida Santos, said: "Ebix speaks the same language as our own insurance market because it already integrates, as part of its core business, thousands of insurance brokers and insurance carriers, worldwide. Besides being completely focused in IT for insurance business, Ebix was able to offer us attractive investment values which made business sense and, in addition, it was the only provider company which was capable of offering a solution covering the full cycle of new business – from quotation, to proposal generation to contract issuance".

In sequence, Mario Nogueira, SVP and Division Head for Ebix Latin America, talked about Ebix, its local and worldwide presence, main clients, facts and key figures about the company, followed by Luis Maida, Ebix Latin America Sales Executive, who gave a 40 minute presentation about the New Business Multi-Quote Exchange to the audience of over 1,000 brokers.

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