Ebix, Inc. (NASDAQ: EBIX) a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced its plan to double its US Exchange sales force in 2011.
The Company announced that it plans to hire a total of 44 new sales personnel in the Exchange arena in the United States in 2011. The Company said that it has already hired 14 new Exchange sales personnel in the United States in 2011.
Making the announcement, the Company’s Corporate Human Resources Vice President Darren Joseph said, “Over the last few months, we have successfully managed to bring in 14 very high quality sales managers at various levels into our Exchange group. Now, our focus is to accelerate our hiring efforts over the next few months to hire 30 more Exchange sales personnel experienced in selling insurance and SaaS based software services.”
Mr Joseph said, “Our plan is to hire a healthy blend of senior and mid level sales managers. Almost 50% of the 14 new sales personnel who have already joined are senior sales personnel with rich sales management experience in the insurance and SAAS software service industries. We intend to make all the remaining 30 new employment hirings with a similar blend of domain knowledge and on-demand sales expertise.”
Dan Delity, SVP and Head of Ebix’s US Exchange Operations, said, “While the insurance industry still continues to struggle, we have continued to grow our Exchange business. Our Exchange business growth is driven by our ability to reduce paper, drive increased efficiency, reduce cost of distribution, increase audit trails and ensure seamless flow of data across all entities in insurance, while remaining a non-aligned Exchange service provider in the industry. We believe that we can substantially improve our sales momentum as we increase our reach across the US insurance industry.”
Mr Delity also said, “We believe that we can increase our investments in sales while still growing our operating margins beyond approximately 40% that we have continued to consistently deliver. Our confidence comes out of our vast portfolio of end-to-end services, reduced sales cycles today, as also the industry’s commitment to increasingly adopt electronic processing in a speedy manner.”
The Company’s new sales recruitments will encompass multiple verticals like Health, Life, P&C, Annuities etc. with a client specific multi-national account management approach.
As of December 31, 2010 Ebix had 44 sales personnel in the US Exchange Division. As on date, the Company has 58 sales managers in the US Exchange Division. The Company intends to hire an additional count of approximately 30 more sales managers for this Division.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (NASDAQ: EBIX) provides end to end solutions ranging from infrastructure Exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 30+ offices across Singapore, Australia, the US, New Zealand, India, China, Japan and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance, while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS based software platforms, Ebix employs hundreds of insurance and technology professionals that provide products, support and consultancy to thousands of customers on six continents. Ebix’s focus on quality has enabled it to be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and BPO units in India. For more information, visit the Company’s website at www.ebix.com.
Safe Harbor for Forward Looking Statements under the Private Securities Litigation Reform Act of 1995 — This press release contains various forward looking statements and information that are based on management's beliefs, as well as assumptions made by, and information currently available to management, including statements regarding future economic performance and financial condition, liquidity and capital resources, acceptance of the Company's products by the market and management's plans and objectives. The Company has tried to identify such forward looking statements by use of words such as "expects," "intends," "anticipates," "plans," "believes," "will," "should," and similar expressions, but these words are not the exclusive means of identifying such statements. Such statements are subject to various risks, uncertainties and other factors which could cause actual results to vary materially from those expressed in, or implied by, the forward looking statements. Such risks, uncertainties and other factors include the extent to which the Company's new products and services can be successfully developed and marketed, the integration and other risks associated with recent and future acquisitions, the willingness of independent insurance agencies to outsource their computer and other processing needs to third parties, the Company's ability to continue to develop new products to effectively address market needs in an industry characterized by rapid technological change, the Company's dependence on the insurance industry (and in particular independent agents), the highly competitive and rapidly changing automation systems market, the Company's ability to effectively protect its applications software and other proprietary information, the Company's ability to attract and retain quality management, and software, technical sales and other personnel, the potential negative impact on the Company's outsourcing business in India from adverse publicity and possible governmental regulation, the risks of disruption of the Company's Internet connections or internal service problems, the possibly adverse effects of a substantial increase in volume of traffic on the Company's website, mainframe and other servers, possible security breaches on the Company's website and the possible effects of insurance regulation on the Company's business. Certain of these, as well as other, risks, uncertainties and other factors, are described in more detail in Ebix’s periodic filings with the Securities and Exchange Commission, including the company’s annual report on form 10-K for the year ended December 31, 2010, included under "Item 1. Business—Risk Factors." Except as expressly required by the federal securities laws, the Company undertakes no obligation to update any such factors or to publicly update any of the forward looking statements contained herein to reflect future events or developments or changed circumstances or for any other reason.