in 1998, AnnuityNet is EbixExchange’s first-to-market,
order-entry platform for annuity transactions. Carriers
post their annuity products and associated product rules
and forms on the platform where they are incorporated
into a Web-based application process and a suitability
questionnaire. Currently, AnnuityNet features over 1,600
annuity products from nearly 40 insurance carriers.
AnnuityNet supports fixed and variable annuities, immediate,
and equity-indexed annuities.
Sales reps are led through a series of simple questions
by the AnnuityNet wizard which automatically completes
applications, calculates suitability scores and automatically
routes transactions through compliance workflow queues.
The result: annuity applications that are complete,
virtually error-free, and consistently reviewed for
compliance and disclosure issues.
Designed to increase annuity sales and reduce compliance
risk, AnnuityNet makes possible more efficient, more
appropriate, and more successful transactions –
at a lower cost than manual, paper-based systems. Insurance
carriers report an in good order rate of well over 90%
— often achieving 98%. These quick and simple
transactions – that fully meet all compliance
criteria – free sales reps to focus on servicing
their clients and building their business.
Each month, AnnuityNet processes over 25,000 annuity
transactions representing over $2 billion in premium.
Nearly every insurance carrier that offers variable
annuities along with about 30 distributors – many
of whom are processing ALL of their annuity business
on AnnuityNet. This number does not include the hundreds
of correspondent broker/dealers who access the system
through EbixExchange’s six clearing firm clients.