Banner Life Selects WinFlex Compliant Illustration Platform.Leading Insurer to Increase Product Exposure While Providing Insurance Professionals with Increased Sales Efficiency PARK CITY, Utah Park City is a city located in Summit County, Utah, United States. It is one of two major resort towns in Utah, the other being Moab. It is considered to be part of the Wasatch Back and a part of the Salt Lake City metropolitan area. -- EbixExchange - a division of Ebix, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : EBIX) today announced that the Banner Life Insurance Company will provide producers affiliated with its life insurance distribution network with the WinFlex illustration system. The system implementation will provide Banner Life with increased exposure to the brokerage and independent insurance market while enabling the users of the system to create new efficiencies in their sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. . "We're pleased to be able to provide the latest compliant illustration platform from EbixExchange," said Joe Sullivan, senior vice president and chief marketing officer of Banner Life. "We see WinFlex as a means of broadening our relationships with brokerage agencies and further expanding our market outlook." WinFlex, regarded by many in the industry as the leading multi-carrier compliant illustration system, provides a common interface and common output for comparison of multiple insurance products and supports advanced life insurance sales concepts. Nearly half of EbixExchange's 60+ insurance companies have product relationships with WinFlex. EbixExchange's client base includes 300,000 brokers. Banner Life and its subsidiary William Penn Life Insurance Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of make up the Legal & General America (LGA LGA abbr. large for gestational age LGA Large for gestational age, see there ) companies. LGA is a highly-focused manufacturer of fully-underwritten term insurance and has been successful in the high net worth market. LGA currently has a top-20 ranking in term life in force and a top-15 position based on term life issued. Banner Life is now enhancing its universal life portfolio and the recently-launched Life Umbrella UL 120 is the first product to be illustrated with WinFlex. In addition to WinFlex, EbixExchange also provides automation for research, quoting, and life insurance and annuity application order-entry via its VitalSales Suite and LifeSpeed and AnnuityNet platforms. About EbixExchange EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing In financial technology, the ability to process a stock transaction by computer from beginning to end without manual intervention at any of the stages. and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ: EBIX). For more information, please visit http://www.ebixexchange.com. About Banner Life Chartered in 1949 as Government Employees Life Insurance Company (GELICO), Banner Life was acquired by Legal & General Group Plc, a worldwide financial services organization headquartered in London, as a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. in 1981. In 1983, its name was changed to Banner Life, signifying its flagship position with LGA in the United States. LGA's distribution system consists of nearly 400 independent brokerage agencies and more than 130,000 licensed brokers. It is currently the only company that distributes predominately through the National Association of Independent Life Brokerage Agencies (NAILBA NAILBA National Association of Independent Life Brokerage Agencies ). Banner's life insurance products are sold in 48 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Today Banner has over $344 billion of life insurance coverage in-force and over $4.6 billion in assets. About Ebix, Inc. Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries. Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing Business process outsourcing (BPO) is the contracting of a specific business task, such as payroll, to a third-party service provider. Usually, BPO is implemented as a cost-saving measure for tasks that a company requires but does not depend upon to maintain its position in , applications software, and Web and application hosting to meet the individual needs of organizations. With bases in Singapore, Australia, the US, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix's focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute's Capability Maturity Model Integration (CMMI See CMM. ). Ebix has also earned ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com. |
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