February 1, 1999 by Canadian Underwriter
Delphi Information Systems Inc., another supplier of broker management software, has released details of a new web browser-enabled policy management system.
Located at www.ebix.com, ebix.com provides carriers and brokers with a data exchange system that allows brokers to send information in a real-time, e-mail-style fashion and allows the insurer to send notes regarding policy issuing and rate information. While the system does not yet offer the same features of traditional integrated policy systems, its existence on the Internet – and the time and cost saving benefits of working through this medium – could raise the industry technology bar.
Robin Raina, Delphi’s chief operating officer, acknowledges the system currently resembles a computer bulletin board system, and says a complete rating engine will be integrated within three months. He adds, Delphi, in releasing this system, aims to create a “Yahoo!-like” all-encompassing web-site for the insurance industry. “We intend for ebix.com to provide every possible technological assistance the insurance industry requires. It will exchange data, documents and images … everything that is relevant to commercial line business,” he says adding a full-featured ebix.com consisting of rating engine, claims handling components and other considerations will be up and running in one years time.
Raina says Delphi’s new system will save the industry 70% of the time and money spent transferring data. “All you need for ebix is an Internet connection. There is no start-up software required. No heavy costs. Industry members will be able to use the system for free for a trial period, afterwards they will be charged by the transaction,” he adds.
Already Hartford Insurance in the U.S., has committed to pilot ebix.com, while Royal & SunAlliance, in Australia, is testing the system with their brokers. “Right now our main goal is market penetration,” says Raina.
In the meantime, Delphi faces a long road spreading the word on the new system. The company will hold a seminar in Canada in the next few months to present the system to Canadian carriers and brokers.