EbixExchange Technology Accelerates Modernization for Lloyd's of London
April 02, 2014
By Mandira Srivastava
TMCnet Contributor
Ebix (News - Alert) Europe an international supplier of On-Demand software and E-commerce services to the insurance industry and Jardine Lloyd Thompson (JLT), one of the largest intermediaries in the world, will be presenting their successful implementation of the EbixExchange platform, at Lloyds on Wednesday, 2 April 2014.
Lloyd's of London (also known simply as Lloyd's) is an insurance market located in London's primary financial district, the City of London and it is celebrating its 325th anniversary last week in an event attended by Queen Elizabeth II and Prince Phillip.
EbixExchange provides secure and efficient integration channels for all (re)insurance transaction types and document exchange using global ACORD messaging standards.
The company offers next-generation, fast and flexible electronic trading and accounting technology solutions. JLT and Ebix will be collectively conducting this thought leadership session, presenting the modernization success story to Lloyd's of London and representatives from the London insurance market. The focus of the joint presentation will be on delivering straight through processing of insurance transactions in the large commercial insurance and reinsurance markets.
Jeff Ward, Vice President of Ebix Europe said, "EbixExchange today is used by almost every large global insurance broking company, with our technology helping them and over 100 (re)insurance underwriting organizations revolutionize the way they trade.”
JLT's systems were joined to EbixExchange in just two months using special data mapping techniques pioneered by Ebix and as a result JLT's accounting and settlement processes are now connected to the global Ruschlikon Initiative that enables the exchange of ACORD standard technical and financial accounting data between brokers and underwriters.
Charles Brown, Partner at JLT said, "Integrating to EbixExchange using very cost-effective and low-risk techniques allowed us to get to market quickly with the Ruschlikon Initiative.”
Edited by Peter Bernstein
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