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Ebix Signs Contract With Thai Insurer To Implement Group Medical System

Stocks in this article: EBIX

ATLANTA, Oct. 29, 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 that its Singapore Subsidiary Company has signed a contract with ThaiRe Services Co. Ltd. (TRS) to implement its group medical system in Thailand.

ThaiRe Services Co., Ltd (TRS) is a wholly owned subsidiary of Thailand's only local Reinsurance Company for both Life and Non-Life reinsurance businesses, namely Thai Reinsurance Public Company Limited (ThaiRe). TRS is a major provider of outsourced Third Party Claims Administration (TPA) services to the Thai insurance industry. Its customers are predominantly insurers, both Life and Non-Life, offering Medical insurance and related coverage to Corporations as well as Individuals. In the provision of its TPA services, TRS has developed its own expansive Hospital and Clinic Network.

As a part of the contract, Ebix will implement its Group Medical system for TRS while replacing its current TPA system, to enable them to meet the needs of a growing customer base. Ebix Group Medical will enable TRS to have end-to-end claim processing capabilities, while allowing for synchronous interfacing with third party systems and real-time tracking of Medical Benefits Utilizations.

Surachai Sirivallop CEO of ThaiRe, said, "We are excited to be working with Ebix towards implementing this system across our network of 20 Thai insurance companies. Ebix's advanced on-Demand technology coupled with its deep understanding of insurance made Ebix a natural choice for us. We expect this implementation to be the first of its kind in Thailand and thus are looking forward to showcasing this to the market."

Ebix Senior Vice President Graham Prior said, "We thank TRS for this opportunity to help them in their pursuit to handle end-to-end claim processing over the web across their wide network of insurance companies. We intend to grow our presence in Thailand and thus are excited to be working with all 20 insurers while implementing this project."

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