Ebix Europe, a subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries announced that Willis Accounting, the Willis Towers Watson carrier interface powered by Ebix Europe’s electronic accounting Platform EbixExchange, has now seen over US$ 20 billion of premium submitted in its four years since inception.
There are now 4,500 users of Willis Accounting across 950 carriers, and since January this year alone, over 35,000 supporting documents have been shared electronically on the platform. The success of this venture further reinforces Ebix Europe’s market reform re-engineering leadership position.
In the four years since it was introduced, Willis Accounting – a platform designed to accelerate the process of agreeing premium transactions electronically, supporting financial reporting and improved reconciliation process – has also seen over 670,000 technical accountants received and of these 95.5% of transactions were agreed first time. All of this has combined to eradicate unallocated cash, and improve transparency and efficiency, with the majority of transactions agreed within 48 hours.
James Pring, Ebix Europe Head of Sales and Account Management, commented, “The global specialty (re)insurance market is at a crossroads, and digital transformation is at the centre of its future success. In transitioning from non-standard, time consuming manual processes to a streamlined electronic interface through Willis Accounting, Willis Towers Watson has demonstrated its commitment to reforming and updating market processes, with all parties now benefiting from the quality, transparency and integrity of an electronic accounting and settlement performance.”
Richard Brame, Head of Accounting & Settlement at Willis Towers Watson, commented, “A great deal has been achieved since Willis Accounting was first deployed 4 years ago. Working with Ebix, we have deployed an easy to use accounting portal which delivers faster reconciliation and query management leading to speedier agreement and cashflow.”
“In collaboration with EBIX, we see Willis Accounting as a real success and hope that the number of partners that we work with will soon pass the 1,000 carrier offices mark,” concluded Brame.
EbixExchange is the premier On-Demand cloud-hosted Software Exchange offering products and services that digitalize the insurance process from quote through to bind and beyond. EbixExchange products include market leading solutions and aggregations like PPL (quote through bind), Accounting and Settlement (Ebot), Claims (Ecot) and integration with Structured data capture (SDC).