JOHNS CREEK, Ga., April 04, 2019 (GLOBE NEWSWIRE) -- Ebix, Inc., a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries today announced that Navy Mutual Aid Association, a premier nonprofit, mutual aid association and veteran service organization has selected Ebix TPP (The Policy Processor) E-Application to support its Life Insurance and Annuity Application Processes. TPP E-App will streamline Navy Mutual's application processing through automated ordering of medical evidence and support of simplified/jet issue at the point-of-sale.
Navy Mutual Aid Association (Navy Mutual) is a nonprofit, federally tax-exempt, mutual-benefit veteran service organization that was established in 1879 by sea service officers, for the purpose of providing life insurance and annuities for members of the United States Navy, United States Marine Corps, United States Coast Guard, U.S. Public Health Service (USPHS), the National Oceanic and Atmospheric Administration (NOAA), and their families.
With a 98.4%-member retention rate, increasing membership, more than $85 million in total direct premiums, greater than $28 billion of total insurance in force, and over $3.12 billion in total assets; Navy Mutual is known for its solid financial strength. For fifteen consecutive years ending in 2018, Navy Mutual has earned a Fitch Insurer Financial Strength (IFS) rating of A+, with a Stable Rating Outlook.
Bruce Engelhardt, Navy Mutual's Chief Executive Officer, said "We selected Ebix after an involved selection process. We believe that TPP E-App will enhance the efficiency of our application process, allowing us to better serve our members. We look forward to working with Ebix."
Ash Sawhney, Ebix, Inc. President - Insurance Solutions (North America), said, "We are delighted to support a quality organization such as Navy Mutual who is so vested in the well-being of their membership."
Ebix's “The Policy Processor (TPP)” E-App is a leading electronic application solution that –
- Allows carriers to quickly deploy formal/informal applications for all lines of businesses (i.e. Life, Annuities and Health products).
- Offers a broad range of features that include support of most major browsers leveraging a responsive design, a customized process flow/user experience, company branding/themes and can provide quoting/sales illustration capabilities if required.
- Provides an integrated sales experience to support prefill with a carrier's CRM or admin system data to reduce data entry and can be extended to support a comprehensive needs analysis (i.e. tobacco use, product, coverage and risk class recommendations and more).
- Supports medical and non-medical (e.g. lifestyle) questionnaire collected via an agent, fulfillment or consumer.
- Offers connectivity with a wide range of evidence providers, e-Signature vendors, underwriting rules engine to support point-of-sale decision making and other proprietary or third party services (e.g. licensing and appointment, policy admin, ID/Address Verification).
- Provides an on-demand system with plug-ins to support A/B testing (bucket tests or split-run testing), while allowing carriers to collect real-time metrics and data to help drive product and user experience design, operational reporting and advanced analytics.
- Supports disconnect and mirroring capabilities that allow call center operations to offer real-time assistance.
- Helps carriers achieve return on investment through a short implementation project life cycle.
- Can support a private exchange (multi-carrier) to better manage informal to formal processes and suitability/compliance oversight in a multi-distributor multi-carrier setting.
About Ebix, Inc.
With 50+ offices across 6 continents, Ebix, Inc., 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
Darren Joseph or Gautam Sharma at Ebix IR
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