Opening...Wednesday September 8, 8:04 am Eastern Time
Company Press Release
Delphi Information Systems Launches World's First Comprehensive Internet Insurance Portal
E-commerce Leaders, Hewlett Packard, InfoSpace.com, And Many Insurance Industry Groups Support New Service
ROLLING MEADOWS, Ill.--(BUSINESS WIRE)--Sept. 8, 1999-- 17 Agents Representing 20 States Register During The One Day Sneak
Preview Offered To Select Agencies
Delphi Information Systems, Inc. (Nasdaq:DLPH - news), today launched the world's first insurance portal www.ebix.com, with a comprehensive Internet Insurance Exchange ebix.mall, that allows consumers to shop online for Auto, Home, Health & Life insurance.
The company also announced that 17 agents representing 20 states had registered to quote on ebix.mall, during a one-day sneak preview offered to a select group of agencies across the United States.
ebix.mall, which allows consumers to buy insurance over the net in a reverse auction manner, is part of Delphi's insurance portal ebix.com that also includes the business-to-business workflow engine, ebix.link, an Insurance Research Center, and a wide range of insurance content for both consumers and insurance professionals.
''We are excited to be pioneering an Internet Insurance Exchange for an industry that accounts for approximately 15 percent of the United States economy. The Exchange will serve as a non-aligned market place, where consumers can interact with a number of agents and carriers to shop for insurance and transact business online without picking up the phone,'' Robin Raina, President, Delphi Information Systems, Inc. said. ''ebix.com's strength lies in its intelligent back-end that personalizes each transaction for a consumer, while offering the insurance community streamlined processes to transact business completely online.''
The new service has already attracted significant support from Hewlett Packard, who will be co-marketing and co-branding ebix.com. Backing has also come from top Internet site InfoSpace.com, which will be marketing the service through its affiliate network of 1,800 web sites.
Hewlett Packard's Internet Business Unit Director, Feisal Mosleh, explained: ''ebix.com is an innovative E-Service initiative that blends top-notch technology with a transparent reverse auction model and provides consumers and insurance professionals with a highly personalized experience. We are convinced that smart vertical portals like ebix.com will drive the way insurance is bought and sold by consumers and businesses in the twenty-first century.''
The industry analysts were unequivocal in their views on ebix.com. ''ebix.com sets a new benchmark within the e-business portal community,'' said John Hughes, Senior Analyst with The Delphi Group. ''This site goes much farther than simple customization and provides a depth of information and services for both the consumer and insurance professional that is unlike anything else in this industry.''
Nancy Meachim of the Aberdeen Group added: ''ebix.com is setting a new standard for insurance portals by providing two big pluses for consumers. The first is choice: Ebix.com gives consumers access to all available insurance options, not just those offered by a limited number of sponsoring carriers. The second is personal choice: Consumers can choose to buy insurance on-line or to be matched to a live agent in their local community.''
Business Model:
Delphi will derive revenue from transactions conducted on the workflow engine ebix.link and from transaction costs billed to agents and carriers for submitting quotes and securing business on the Internet Insurance Exchange ebix.mall. Delphi will also collect revenues from annual registration fees for producers and sales of advertising space on the site.
How ebix.mall works:
Consumers enter the ebix.mall service through the website, www.ebix.com
They click on the insurance service they require - auto, home, health or life.
They enter relevant details on an electronic, insurance industry standard form, state the amount of money they wish to pay for the coverage and then set a time limit for agents/brokers and insurance companies to submit their bids.
This information - minus specific personal details such as a person's name and address - can be accessed by any insurance professional with Internet access.
The consumer views the bids and then can decide whether to buy online. If selected, the agent/broker or carrier now has all the details required in insurance industry standard format to issue the policy, thus streamlining the transaction process.
Each individual consumer, agent/broker or carrier has automatic access to secure, personalized account data, and a high degree of customization.
The key advantage for agencies, brokers or carriers is to have access to all the information in state specific accord forms, streamlined business processes involving minimal data entry and the ability to write business without picking up the phone.
About ebix.com:
ebix.com, an HP Enabled E-Service, is the only site on the Web to meet the insurance needs of both the consumer and the insurance professional. ebix.com includes a virtual marketplace, ebix.mall, where consumers can define their policy coverages and seek competitive quotes from a number of carriers or agents/brokers in a timeframe defined by the consumer. This allows consumers to compare prices in a non-threatening environment and buy insurance online if they so desire.
ebix.com also incorporates powerful and secure business tools for agents/brokers, including the recently launched workflow and management engine ebix.link. ebix.link is currently being piloted by a number of leading carriers and agents in the United States and Mexico, drawing from Delphi's strong business relationships with six of the ten largest insurance agencies in the world and over 3,000 agencies in the United States. This workflow engine, launched in January, can save insurance professionals up to 70 percent in time, energy and costs associated with processing day-to-day transactions.
About Delphi Information Systems:
Founded in 1976, Delphi Information Systems, Inc. (Nasdaq: DLPH - news) is a leading international supplier of software and Internet solutions to the property & casualty insurance industry. An independent provider, Delphi employs hundreds of insurance and technology professionals who provide products, support and consultancy to over 3,000 customers on six continents. Delphi is the only insurance software provider that offers agency/broker management systems created by insurance professionals to serve the unique needs of each insurance segment around the world. Delphi's agency management products feature fully customizable and scaleable software designed to improve the way insurance professionals manage all aspects of insurance distribution, including: marketing, sales, service, accounting and management.
For more information on Delphi products and services, call 1-800-4DELPHI (800.433.5744) or visit the Delphi Web site at www.dlph.com.
Forward-looking statements (statements which are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the Company's filing with the Securities and Exchange Commission.
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