Ebix Australia Adds TravelCard To Its EbixExchange Platform

Globe Newswire 14-Aug-2019 7:34 AM

JOHNS CREEK, Ga. & SYDNEY, Australia, Aug. 14, 2019 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, e-learning and healthcare industries, today announced that it has added leading travel insurance player TravelCard to its EbixExchange platform.

Headquartered in Tel Aviv, Israel, TravelCard officially launched their real-time travel insurance products in Australia in late 2018 partnering up with the Hollard Insurance Company.  The addition of their corporate travel insurance products to the EbixExchange platform was a logical next step forward in terms of getting mass adoption and distribution reach.

TravelCard, a one-of-a-kind insure-tech aims to address the pain points of travel insurance head-on. Unlike most other travel insurance products from other companies that can take up to 45 days and 13 interactions for a claim to be processed, TravelCard tends to pay claims within a matter of minutes. Accordingly, TravelCard has achieved great success in a number of markets, including Israel, Germany, Canada, and the UK, and now they've brought their revolutionary product to Australia.

Here's how it works: when a TravelCard Policy is purchased, the policy holder receives a special debit MasterCard in the mail. When something bad happens and a claim needs to be made, funds are instantly transferred to the card, with claims processed in real-time (minutes) besides having Claims processing and support in Australia itself. This results in basically no out-of-pocket expenses, no mountains of paperwork, and no waiting.

TravelCard offer three types of cover: Corporate cover for business, Leisure cover for individuals, and Business class for employees.

Leon D'Apice, Managing Director - Ebix Australia said, "We are delighted that TravelCard have chosen Ebix as their medium of distribution to brokers. Our EbixExchange platform is today the dominant aggregation of brokers in the country transacting insurance business on our on-demand platforms. Besides, Ebix has a vast majority of the brokers using our backend systems to run their businesses in Australia. That puts us in a unique position to allow providers to distribute their products expeditiously through our platforms."

Ebix Australia is a dominant leader in insurance exchanges and back-end systems for brokers and carriers in multiple insurance sectors including P&C and Life. It has pioneered and implemented concepts in Australia that have been an example to the rest of the insurance industry across the world.

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. $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. EbixCash's technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, travel technology in India; besides having grown its international expanse to Europe, Middle East, Africa and ASEAN countries.

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   

CONTACT:

Darren Joseph
678 -281-2027 or IR@ebix.com

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com