[By NBC-1TV H. J Yook]Ebix, Inc. (Nasdaq:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that Ebix Europe and one of the largest intermediaries in the world, JLT, will be presenting their successful implementation of the EbixExchange platform, at Lloyds on Wednesday, 2nd April 2014.

Lloyd‘s of London, the world’s oldest insurance market, celebrated its 325th anniversary last week in an event attended by Queen Elizabeth II and Prince Phillip. Technological modernization of the London insurance market has been gathering pace since the mid 2000‘s and has been aided in recent times by the widespread adoption of EbixExchange’s electronic trading and accounting technology.

JLT and Ebix will be jointly 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 showcasing straight through processing of insurance transactions in the large commercial insurance and reinsurance markets, while sharing the speed of implementation and the efficiencies achieved.

In what would once have been a complex and expensive IT project, JLT‘s systems were joined to EbixExchange in just two months using special data mapping techniques pioneered by Ebix. 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.

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. The speed at which we can connect broking firms is a key factor to the success of electronic initiatives like Ruschlikon, both in London and in insurance markets throughout the world.”

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. We now have the capability to extend our Broker/Insurer Partnerships to achieve our commitment to settle underwriter accounts significantly faster than before, which is to the benefit of all parties - our clients, our underwriters and us.”