EbixExchange Receives Two Awards From ACORD

2008-05-14 01:43:59 -

www.ebixexchange.com - EbixExchange Jim Bolton, 703-234-0162 EbixExchange - a division of Ebix, Inc. (NASDAQ:EBIX) received two awards from insurance industry standards forum ACORD today at an invitation-only ACORD Awards Luncheon held at the Mandalay Bay Resort. The awards were presented to EbixExchange's Director of Carrier Product Development, Sandy Hampel, in recognition of EbixExchange's leadership in ACORD standards adoption.

EbixExchange is a leading developer of Web-based life insurance and annuity sales service applications. The firm provides automation for research, quoting, compliant illustrations and application order-entry via its VitalSales Suite, WinFlex, LifeSpeed and AnnuityNet platforms.

ACORD (the Association for Cooperative Operations Research and Development) is a global, nonprofit insurance association that promotes the development and use of standards for the insurance, reinsurance, and related financial services industries.

Once a year ACORD recognizes member partners who have provided exemplary effort in enhancing, implementing, and advocating ACORD data standards. Through this year's program, ACORD presented two awards to EbixExchange: the Innovative Implementation Award, and the Shared Service and/or Infrastructure Platform, Middleware Award. The awards represent ACORD's appreciation of EbixExchange's efforts in collaborating with ACORD industry forums and promoting ACORD standards within the EbixExchange technology offerings.

The awards also commemorate ACORD certification that new features developed for LifeSpeed and AnnuityNet were fully compliant with ACORD standards. The Innovative Implementation Award was principally based upon EbixExchange's use of ACORD standards in the newly-launched LifeSpeed Platform which automates the life application process. ACORD standards are supported within the platform's protocols by which carriers upload business rules associated with their products to the platform and by which a series of checks and data updates are provided to distributors accessing the carriers' products - ultimately producing a new business transaction to automate the complete process. The shared services award was provided in recognition of ACORD certification of the ACORD standards used within a range of transaction and messaging protocols for LifeSpeed and also AnnuityNet's implementation of ACORD's 1201 Product Profile for Annuities standard.

"We greatly appreciate the special recognition provided us by ACORD in the form of these awards," said Ms. Hampel. "We are very proud to share in the ongoing effort to standardize and streamline the processes by which the sale of life insurance and annuities can be simplified and increased through electronic processing. We've enjoyed working with ACORD and other industry partners, and it is highly rewarding to view the related implementation within our life and annuity exchange platforms as key contributions to the end goal pursued by the industry. I want to recognize and thank here all of the developers and software engineers at EbixExchange, for their efforts helped ensure that we gained this ACORD industry recognition."

About EbixExchange

EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX). For more information, please visit www.ebixexchange.com.

About Ebix, Inc.

Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.

Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.

With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit www.ebix.com.

Awards recognize provider's efforts to advance annuity sales
service via industry standards collaboration and technology
development