Ebix launches GeniEbix – a New Generation Artificial Intelligence and Machine Learning Solution to Power its Insurance Exchanges and Enterprise Platforms
March 30, 2019 by Ebix, Inc.
JOHNS CREEK, Ga., March 29, 2019 (GLOBE NEWSWIRE) — 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 today announced the launch of GeniEbix – a technology initiative that combines the application of Artificial Intelligence (AI), Natural Language Processing (NLP), Robotics Process Automation (RPA), Predictive Analytics and Machine Learning (ML) to all of Ebix’s Insurance products and solutions.
GeniEbix is a state-of-the-art technology solution that aims to enhance the user experience to a different level, while bringing automation to the entire value chain of insurance processing, including CRM, Quoting, Order Entry, Case Management, Underwriting and Policy Servicing.
The Company announced that it has already started collaborating with its customers on this initiative, in many areas including but not limited to the following:
- Applying Predictive Analytics and Machine Learning for intelligent evaluation and risk assessment of leads data
- Utilizing GeniEbix chatbots for handling pre-sales functions with direct consumers and Agent CRM functions
- Enhancing underwriting and new business case management functions with Natural Language Processing support.
Gagan Sethi, Chief Technology Officer, Ebix Inc. said “Ebix has embarked on a transformational journey to industrialize process automation, predictive analytics, machine learning algorithms, and artificial intelligence capabilities across its exchanges and enterprise platforms. We see applicability of GeniEbix across all our business units internationally, including Life and Annuities, Health, P&C, Employee Benefits and Wellness. We are excited to bring the technology, strategy and innovation behind GeniEbix to our customers worldwide.”
Ash Sawhney, President, Insurance Solutions North America, said “GeniEbix will be a major focus for Ebix in the future. It will raise the bar in the industry and set new standards in terms of how technology solutions should be evaluated in the insurance space. We will continue to collaborate with our user community to expand the use of GeniEbix. In addition to powering our Exchanges and Enterprise solutions, our goal is to establish a practice within our consulting organization to help our clients apply GeniEbix to other areas within their organizations. We are excited about where we are going with this.”
Graham Prior, Executive Vice President – International Business & Product Management said, “We will be working towards making GeniEbix solutions available to our insurance clients across the world. GeniEbix optimally combines advanced technology with functional solutions, to revolutionize the user experience and decision-making power of business applications. We believe that GeniEbix based solutions will enable our customers to strike a balance between efficient use of human workforce and advanced process automations.”
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
With a “Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
SAFE HARBOR REGARDING FORWARD-LOOKING STATEMENTS
As used herein, the terms “Ebix,” “the Company,” “we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation, and its consolidated subsidiaries as a combined entity, except where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release contains forward-looking statements and information within the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. This information includes assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company’s products by the market, and management’s plans and objectives. In addition, certain statements included in this and our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us or with our approval, which are not statements of historical fact, are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “seeks,” “plan,” “project,” “continue,” “predict,” “will,” “should,” and other words or expressions of similar meaning are intended by the Company to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are found at various places throughout this report and in the documents incorporated herein by reference. These statements are based on our current expectations about future events or results and information that is currently available to us, involve assumptions, risks, and uncertainties, and speak only as of the date on which such statements are made.
Our actual results may differ materially from those expressed or implied in these forward-looking statements. Factors that may cause such a difference, include, but are not limited to those discussed in our Annual Report on Form 10-K and subsequent reports filed with the SEC, as well as: the risk of an unfavorable outcome of the pending governmental investigations or shareholder class action lawsuits, reputational harm caused by such investigations and lawsuits, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties; pricing and other competitive pressures and the Company’s ability to gain or maintain share of sales as a result of actions by competitors and others; changes in estimates in critical accounting judgments; changes in or failure to comply with laws and regulations, including accounting standards, taxation requirements (including tax rate changes, new tax laws and revised tax interpretations) in domestic or foreign jurisdictions; exchange rate fluctuations and other risks associated with investments and operations in foreign countries (particularly in Australia, UK and India wherein we have significant operations); equity markets, including market disruptions and significant interest rate fluctuations, which may impede our access to, or increase the cost of, external financing; and international conflict, including terrorist acts.
Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors, or to publicly announce the results of, or changes to any of the forward-looking statements contained herein to reflect future events, developments, changed circumstances, or for any other reason.
Readers should carefully review the disclosures and the risk factors described in the documents we file from time to time with the SEC, including future reports on Forms 10-Q and 8-K, and any amendments thereto. You may obtain our SEC filings at our website, www.ebix.com under the “Investor Information” section, or over the Internet at the SEC’s web site, www.sec.gov.
CONTACT:
Darren Joseph or Gautam Sharma
IR@ebix.com or 678 281 2027
David Collins or Chris Eddy
Catalyst IR
212-924-9800 or ebix@catalyst-ir.com
