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Ebix global revenue down, but roadshow goes on

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Global insurance industry software and e-commerce services supplier Ebix has reported a 2% slide in revenue for the March quarter, mainly due to slowing business activity in Europe.

Revenue of $US51.4 million ($54.9 million) was down from $US52.6 million ($56.2 million) in the corresponding period last year.

Net profit for the quarter was $US15.4 million ($16.4 million), an 11% decrease on a year-on-year basis.

Ebix CEO Robin Raina attributes the result to slowing business in Europe.

The high US dollar against the Australian and Brazilian currencies shaved $US1.9 million ($2 million) from group revenue, according to the company.

Ebix Australia MD Leon d’Apice told the parent company’s result is “reflective of activity in the marketplace”.

Locally, Ebix recently completed a national product and technology roadshow featuring the updated WinBEAT 4.1 broking system for general insurance intermediaries and the winbeatnow mobile broking system.

Mr d’Apice says the updates enable brokers to access client data from their back-office systems using mobile devices.

He says the roadshow was so successful it may become a regular event.

“The last roadshow we did was three years ago. We should probably do them on an annual basis.”

He confirmed that Ebix remains at loggerheads with broking network Steadfast over the commercial terms Ebix quoted to build and maintain the interface between its broker systems and Steadfast’s Virtual Underwriter transaction platform.

“We haven’t progressed any further on that,” Mr d’Apice said.