Integrate with EbixExchange
EbixExchange recognises that our customers have varying needs. Many require solutions to maximise their use of EbixExchange services and the investments they have made in their own IT systems. Integration helps achieve these goals.
A key benefit of trading electronically is that, behind the scenes, trading data is captured and, through integration, can be handed off to a customer’s internal systems. This “Straight Through Processing” is the goal of integration and once all parties are integrated to the platform and their own messaging gateways, straight through processing from a broker’s administration system directly into an underwriter’s system becomes possible – with no rekeying of data in between.
For our non-integrated customers, data entry is kept to a minimum and, wherever we can, EbixExchange will pre-fill fields to prevent repetition.
For clients wishing to integrate with their back-office systems, EbixExchange provides the simplest integration path using XML web services.
Ebix Exchange offers 3 levels of Interaction
Via the portal
EbixExchange is fully accessible via a web-based portal for those clients not requiring integration. This is particularly useful for those organisations who want to understand more about electronic trading and start realising its many benefits before investing in integration.
Full Integration - Webservices (API)
For tightly-bound integration, XML web services are provided to allow the development of integration channels to send/receive ACORD messages and map/translate them into one or more customer systems, such as underwriting/broking administration, claims, credit control and document management systems.
Lite Touch Integration
The simplest method of integration, provided by Ebix taking structured data from your system and converting it to ACORD XML, and vice versa. The structured data can be in almost any format: Excel, CSV, flat file, etc.
Our industry-leading TransForm data mapping tool can map your data and convert it into ACORD structured XML – and this works both ways so it can turn ACORD XML back into structured data.
To hand data between your systems and the platform, TransForm can be integrated into your internal systems using XML web services, or it can use email (manually or automatically) bi-directionally or it can use FTP or simple directory/file exchange.
What is the difference between EbixExchange and The Market Exchange Limited (TMEL)?
Good question; glad you asked.
TMEL, The Market Exchange (Limited) is a messaging hub provided by IBM and operated by TMEL for the London market participants to exchange Acord messaging. It is there to simplify the connection of participants’ messaging gateways and to validate that data exchanged meets the market’s agreed standards. TMEL also provides an excellent support team who are able to assist in connectivity issues between participants.
EbixExchange is NOT a messaging hub but an insurance trading platform. It allows its users to conduct business through web portals (and/or via integration channels). EbixExchange makes use of TMEL for the receipt and transmission of Acord messages between the platform and our clients’ messaging gateways. Ebix Europe also provides an excellent support team to assist our clients and in that respect we are identical to TMEL.
Integration delivers business benefits
Removes the need to re-key data.
Improved accuracy: with both front- and back-office accessing the EbixExchange data, the chances of errors are greatly reduced.
Enhanced capacity: greater automation allows you to deal with much larger volumes.
Reduced costs in the medium- and long-term.