Careers at Ebix
Ebix’s mission is to be the largest insurance software services player in the world.
Ebix is a provider of software and eCommerce solutions. It was founded in 1976 in California as Delphi Information Systems. Its goal was to support the convergence of insurance processes, channels, and entities so that data only needed to be entered once and could flow throughout the ecosystem. The ultimate objective was to save time and costs and improve performance.
In 1987 the company completed an initial public offering, becoming listed on the NASDAQ. It went on to acquire numerous other firms in related industries, enabling it to provide a broad range of services. In 2003 it changed its name to Ebix, believing it aligned more with its focus on using the Internet to improve insurance business transactions. In 2009 it raised $25 million in post-IPO equity.
Business model of Ebix
Ebix has a niche market business model, with a specialized customer segment. The company targets its offerings at organizations in the financial, insurance, and healthcare industries.
Ebix offers four primary value propositions: accessibility, performance, risk reduction, and brand/status.
The company creates accessibility by providing a wide variety of options. It has acquired numerous firms since its founding, including WDEV, Oakstone Publishing, HealthcareMagic, Peak Performance, Confirmnet Corporation, and Periculum Services Group. This strategy has enabled it to greatly expand its capabilities and diversify its portfolio. Consequently, it can provide end-to-end solutions including custom software development, infrastructure exchanges, agency systems, carrier systems, and risk compliance systems.
The company demonstrates strong performance through tangible results. It claims that its solutions have resulted in 50% cost savings, 35% productivity enhancements, and 75% faster time-to-market for its clients. Specific positive outcomes for clients include the following:
- Transamerica Life Insurance Company used Ebix’s solutions to reduce time to process cash business and additions from 3-5 days to one-day (same-day)
- The South Bend Clinic used Ebix’s solutions to boost its website traffic by 10% and increase average visitor time on page
- WELBRO Corporation used Ebix’s solutions to maintain economies of scale, resulting in higher compliance rates and significant cost savings
- Baylor Health Care System used Ebix’s solutions to increase website traffic and visitor stay length
- Insurance Design Administrators used Ebix’s solutions to greatly reduce claim processing time
The company reduces risk by maintaining high standards. It is Microsoft-certified and its center in India has achieved Carnegie Mellon’s highest CMMi 5 rating. It also has ISO27001 and ISO9001:2000 certifications.
The company has established a strong brand due to its success. It has over 2,800 employees and operates over 40 offices across Australia, Brazil, Canada, India, New Zealand, Singapore, the United States, and the United Kingdom. It has conducted more than $100 billion worth of insurance premiums annually on its platforms.
It has a recurring revenue base of 80%, with a client base that includes hundreds of corporate clients and carriers and hundreds of thousands of brokers. Its customers are in more than 50 countries across six continents. Lastly, it has won many honors, including the following:
- Recognition as the fourth fastest-growing technology company in the world by Fortune
- Recognition as the sixth fastest-growing technology company in the world by Forbes
- XCelent Awards for Advanced Technology and Breadth of Functionality from Celent
- An ACORD Streamline Award in the Business Process Improvement category
- A Gold Aster Award in the Healthcare/Patient Education category
Ebix’s main channel is its direct sales team. It also sells its products and services through resellers.
The company promotes its offerings through its website, social media pages, advertising, sponsorships, and participation in industry events such as forums, expos, summits, and conferences.
Ebix’s customer relationship is primarily of a self-service, automated nature. Customers utilize its products while having limited interaction with employees. That said, there is a personal assistance component in the form of phone and e-mail support.
Ebix’s business model entails designing and developing its products and services for its clients.
Ebix’s key partners are the resellers that help it sell its products/services and the suppliers that provide it with the materials it needs to develop its solutions.
Ebix’s main resources are its human resources, who include the engineers that design and develop its products, the sales employees that sell them, and the customer service personnel who provide support. Its staff includes hundreds of domain-specific technology and business professionals.
Ebix has a cost-driven structure, aiming to minimize expenses through significant automation. Its biggest cost driver is cost of services provided, a variable expense. Other major drivers are in the areas of administration, product development, and sales/marketing, all fixed costs.
Ebix has two revenue streams:
Product Revenues – Revenues the company generates from the sale of the following products:
- Exchanges – Data exchanges it operates in the areas of life insurance, annuities, employee health benefits, risk management, workers compensation, insurance underwriting, and P&C insurance
- Broker P&C Systems - Back-end systems (eGlobal, WinBeat, and EbixASP) for international P&C insurance brokers who seek a global system solution
- Risk Compliance Solutions - Business process outsourcing services that include domain intensive project management, time and material based consulting engagements, the tracking of certificates of insurance, and claims adjudication and settlement
- Carrier P&C Systems - On-demand back-end systems for P&C insurance companies accessed through licenses and subscriptions
Professional/Support Service Revenues – Revenues the company generates from:
- Services delivered over its exchanges or from its ASP platforms
- Software development projects and related fees for consulting, implementation, training, and project management
- Business process outsourcing
info: Robin earned a Bachelor’s degree in Industrial Engineering at Thapar University. He previously served as Chief Operating Officer, Senior Vice President - Sales and Marketing, and Vice President - Professional Services at Ebix.
info: Graham earned a Bachelor of Commerce and Administration degree at Victoria University. He has worked in the insurance technology field for over 25 years and is responsible for Ebix’s international operations.
info: Jim is a graduate of the Institute of Computer Management in Pittsburgh, the University of Pittsburgh, and Harvard Business School. He previously served as an executive at Acclamation prior to its acquisition by Ebix.
info: Ash earned a Bachelor‘s degree in Economics at DAV College and an MBA at Babson College. He previously served as a founding partner at PlanetSoft and as Vice President of International Strategy at State Street Corporation.
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