Ebix Streamlines Straight Through Processing with E-Signature
Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance and financial industries, today announced a partnership with Communication Intelligence Corporation (“CIC”) (OTCQB: CICI), a leading provider of electronic signature solutions and a recognized leader in biometric signature verification. Ebix also announced the impending integration of CIC's SignatureOne® Cloud-based electronic signature service into EbixExchange's AnnuityNet, AMP, LifeSpeed and SmartOffice platforms. The companies are already in the execution phase with a number of EbixExchange's largest U.S. insurance customers to provide “real” straight through processing by incorporating electronic signatures into EbixExchange's market leading platforms, thus eliminating their last remaining non-digital process.
“Our first deployment of this combined technology will be applied to one of the largest life insurance and annuity producers in the United States,” stated Dan Delity, Ebix's Senior Vice President in charge of EbixExchange. “We will be providing an end-to-end solution including EbixCRM, illustrations, product research, electronic applications for life insurance, compliance, suitability, electronic policy delivery and electronic servicing of insurance policies - all with the capability of capturing and verifying both the customer and agent signatures through CIC technology. Through this partnership with CIC, electronic signatures will allow for paper to be replaced by Ebix technology creating the life industry's first complete end to end electronic process for field agents and advisors.”
“EbixExchange has redefined business processes throughout the entire insurance sales cycle by providing supporting automation through their platforms,” stated William Keiper, CIC's President. “With the integration of CIC's electronic signature service, EbixExchange will extend its leadership by offering a single, consistent, process that will drive the virtual elimination of paper-based administration from agent and insurance company procedures, allowing their customers to devote an increasing amount of time to growing their businesses instead of managing outdated and time-consuming processes. This will also shorten the cycle for payment of brokerage commissions for all types of insurance sales.”
“CIC's SignatureOne® electronic signature capabilities will also support EbixExchange mobility solutions for iPad®, iPhone® and Android® devices, and will enable EbixExchange to provide an important edge for customers with agents and brokers in the field,” continued Mr. Keiper.
“We are delighted to be making this announcement, as Ebix is known as the insurance industry's on-demand software leader,” stated Philip Sassower, CIC's Chairman and Chief Executive Officer. “The insurance market is a key platform for CIC's electronic signature solutions, as we continue to build on the momentum from our revised strategy initiated during 2011 and continuing into 2012. We have been working closely with EbixExchange for a number of months in support of some of their major customers, and look forward to fulfilling the needs of hundreds of existing and future EbixExchange insurance company and brokerage customers for all of their pre-sale, application, post-sale and related requirements.”
CIC's SignatureOne® is a Cloud-hosted electronic signature solution that provides users with the ability to electronically sign documents with legally binding effect. CIC technology enables individuals to be immediately authenticated online and to be permitted to sign documents with no special hardware or software downloads. The CIC platforms support all electronic signature methods, including click-to-sign and biometric, allowing users to choose the hardware, software, signature and security combination that best fits their processes.
Ebix recently was ranked as the 4th Fastest Growing Technology Company by Fortune Magazine. The list, which comprises of the 100 fastest growing companies, appeared in the September 26, 2011, issue of FORTUNE Magazine and is available on www.Fortune.com. Ebix was ranked 19th amongst the 100 hundred fastest growing companies across all industries by the magazine. As per Fortune, the Company was ranked 21st based on sales growth, with three-year average sales growth of 42% per year. The magazine also ranked the Company 44th based on earnings growth, with three-year average earnings growth rate of 48% per year. The Company was ranked 46th in the 100 Best Investments list, with three-year average investment return of 30% per year.
A division of Ebix, Inc., EbixExchange is the premier On-Demand Software Exchange that offers products and services that automate, expedite, and improve the process for the life insurance, annuity, property & casualty, and health insurance industries. Seen as a leading developer of electronic Straight Through Processing, EbixExchange currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 100 of the leading insurance carriers and their affiliates. EbixExchange products include WinFlex (multi-carrier compliant illustrations), VitalSales Suite (research/quotes/forms), AnnuityNet (annuity order-entry), LifeSpeed (advanced application processing), EbixCRM (SmartOffice(R) Customer Relationship Management and Agency Management System), EbixHealth (employee benefits and claims) and various P&C exchanges across the world. For more information, please visit www.ebixexchange.com.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (NASDAQ: EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and technology professionals to provide products, support and consultancy to thousands of customers on six continents. Ebix's focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model (CMM). With a recent ISO 27001-security certification, the Company also has a ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company's website at www.ebix.com.
CIC is a leading supplier of electronic signature products and the recognized leader in biometric signature verification. CIC enables companies to achieve truly paperless workflow in their electronic business processes by providing multiple signature technologies across virtually all applications. CIC's solutions are available both in SaaS and on-premise delivery models and afford “straight-through-processing,” which can increase customer revenue by enhancing user experience and can also reduce costs through paperless and virtually error-free electronic transactions that can be completed significantly quicker than paper-based procedures. CIC is headquartered in Redwood Shores, California. For more information, please visit our website at http://www.cic.com. CIC's logo is a registered trademark of CIC.
Forward Looking Statements
Certain statements contained in this press release, including without limitation, statements containing the words "expects," "intends," "anticipates," "plans," "believes," "will," "should," and similar expressions, constitute "forward looking" statements within the meaning of the Private Litigation Reform Act of 1995. Such statements are subject to various risks, uncertainties and other factors which could cause actual results to vary materially from those expressed in, or implied by, the forward looking statements. Such risks, uncertainties and other factors include the extent to which new products and services can be successfully developed and marketed, the integration and other risks associated with recent and future acquisitions, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties, the ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change, the dependence on the insurance industry (and in particular independent agents), the highly competitive and rapidly changing automation systems market, the ability to effectively protect application software and other proprietary information, the ability to attract and retain quality management, and software, technical sales and other personnel, the potential negative impact from outsourcing business to third parties within the United States and internationally, from adverse publicity and from possible governmental regulation, the risks of disruption of Internet connections or internal service problems, the possibly adverse effects of a substantial increase in volume of website, mainframe and other server traffic, possible security breaches on the Company's website and the possible effects of insurance regulation.