EbixExchange

EbixExchange is Ebix’s market leading, post-bind, insurance exchange platform, offering brokers and carrier’s services that standardise the accounting, settlement and claims process.

About EbixExchange

Our mission is to provide a simple solution to allow brokers and carriers to digitise closings, statements and claims notifications to the relevant ACORD standard. In addition to this we provide a platform with a comprehensive suite of web services to allow interaction with these messages, leading to simple adoption for the global insurance market.

Why EbixExchange

Reducing the reliance on paper and speeding up the long laborious and costly tasks within the post-bind process is something we have been addressing. Moving to a data centric and industry standard model is vital to eliminating rekeying. EbixExchange is a platform that enables brokers and carriers to convert semi-structured files or PDF’s into data and allow communication with their counterparts. All of this can be achieved via the markets leading platform or in conjunction with a vast range of API’s to allow straight-through-processing for both senders and receivers of data.

All of this is underpinned by the latest ACORD messaging standards and supported by many of the leading brokers and carriers worldwide.

Deployment Options

EbixExchange is a cloud hosted application that is provided to the client as a service. We take care of all upgrades and testing on your behalf so all your team needs is a URL, username and password to get started.

There is a comprehensive set of web services that are available and documentation is available at your request to see what you need to do to interact with these.

Features & Benefits

  • Reduces manual data entry and manual document handling
  • Speeds up error resolution
  • Easier reconciliation and fewer queries
  • Accelerates money transfer and the agreement of claims
  • Eradicates unallocated cash
  • Tried and testing technology which is being utilised by over 900 companies worldwide
  • Over 1million messages have been transacted on EbixExchange equating to over 11billion of premium

Module: EBOT

Electronic Back Office Transaction, is a two staged message process for agreeing the closing advice and settlement data related to an insurance transaction. The Technical Account (TA) is generated typically by a (re)insurance broker and then sent to a carrier of risk. The message can be queried till the data is correct and then unconditionally accepted. The second stage is agreeing the Financial Account (FA), which is a batch of agreed TA’s all related to the same entity and of the same currency, replicating the functionality of a weekly/monthly statement. It is only at the point that when the FA is agreed will the money exchange hands. This eradicates unallocated cash and allows the reconciliation process to happen far sooner after the risk has been bound.

Module: ECOT

Electronic Claim Office Transaction, allows the (re)insurance broker to share pertinent data related to the movements within a claim to a carrier. The Claim Movement (CM) message is a data rich message which can complement the TA when related to the settling of a claim. This provides a clear picture as to how the claim is progressing and provides a solution so this can be reviewed and actioned quickly and effectively.

Module: A&S

The Accounting and Settlement service provides an option for Brokers to submit LPAN work packages to the XIS using DRI messaging. The integration service removes the need for a Broker to key in the details manually using the direct load facility method. This service is initiated directly from a Broker’s administration system and provides status updates and responses when received.

Module: ECF

The Claims service provides an option for Brokers to submit work packages to XIS using DRI messaging. The integration service removes the need for a Broker to key in the details manually using the direct load facility method. This service is initiated directly from a Broker’s administration system and provides status updates and responses when received.

Module: TransForm

TransForm is a malleable and powerful Extract Transform Load (ETL) tool which can provide organisations the ability to convert data from one file type into another, whilst also applying rules and excel based functions. Examples of this could be converting a broker PDF closing into a data rich TA message for onward processing. This allows organisations to convert files into a common input and combined with EBOT/ECOT can be a way of increasing volume throughput.

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