New recent engagements with large banks and financial institutions expected to lead to $60 billion in annuity processing in 2010
ATLANTA, GA – September 28, 2009 – Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance industry announced today that its recent engagements with a number of large banks and financial institutions is expected to increase the premiums processed on its AnnuityNet Platform to $60 Billion in 2010 from the $36 billion premium number last reported by Ebix.
Ebix announced today that it has signed a number of new engagements with some of the largest banks in the United States, in addition to a number of deals with large financial institutions for its AnnuityNet Exchange Platform. Ebix’s AnnuityNet Exchange today supports marketing, selling, in-force transactions, and business processing solutions for the nation’s top insurance carriers, distributors, and advisors.
Ebix also announced a number of key feature enhancements, related to its AnnuityNet and LifeSpeed Exchange platforms, targeted at providing end-to-end solutions to the insurance industry. The key enhancements include:
Dan Delity, Senior Vice President and Division Head for EbixExchange said, “The reasons for increased adoption is attributed to Ebix’s end-to-end product offerings, the slowing economy and increased compliance and suitability responsibilities placed upon distributors in the past few years. Carriers and distributors are looking to increase their operational efficiencies, lower processing costs, eliminate errors and raise sales – all while being able to closely monitor their sales of annuities and life insurance policies to ensure they are suitable for clients. With less money in their budgets, they look towards technology solutions as a way to permanently cut processing, administration, servicing and selling costs. As pioneers in insurance Straight Through Processing, EbixExchange has industry-leading expertise in integrating its platforms with existing technology at broker/dealers, insurance agencies, and carriers. AnnuityNet and LifeSpeed communicate and are integrated with our clients’ existing technology solutions, providing a seamless solution and a better experience for the producing advisor.”
Mike Sladek, EbixExchange’s Vice President of Sales said, “EbixExchange is experiencing unprecedented adoption of its platforms by the industry and its number of new clients in the past two years has grown from less than 50 distributors to more than 150. In addition, more than 95% of all annuity carriers in the United States currently are clients of the AnnuityNet Platform. With the unsteady economy, distributors are looking for financial stability and a smooth experience when choosing a technology partner. By choosing Ebix, you get financial stability and a company that has a dominating position in both industry experience and premiums processed.”
Robin Raina, president and CEO of Ebix, said, “We are pleased that EbixExchange and its core products continue to experience strong organic growth while adding some of the largest financial services companies in the U.S. as clients. Our intense dedication to technology infrastructure and industry innovation is paying dividends for Ebix and our growth plans, as we now dominate the electronic processing channel in the U.S. and process many times more businesses than our nearest competitors.”
About Ebix, Inc.
With 23 offices across Singapore, Australia, the US, New Zealand, India 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 to 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.