Ebix’s AnnuityNet Exchange Platform adds USAA Life Insurance Company
JOHNS CREEK, Ga., Jan. 09, 2020 (GLOBE NEWSWIRE) -- Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that it has continued to expand on its market share in the industry by enabling the launch of USAA Life Insurance Company (USAA Life) annuity products on its state of the art AnnuityNet4 (AN4) Exchange platform.
AN4 is an industry-leading and highly configurable annuity exchange platform that supports Variable, Fixed, Index and Income annuity Sales, as well as in-force policy maintenance for withdrawals, fund transfers, and policy updates. AN4 seamlessly supports Ebix carrier products for easy and convenient access by Bank, Broker Dealer and Agency distribution clients.
USAA Life announced the offering of its first third-party distributed annuity through Fidelity Investments, a company Ebix has worked with since 2009. The company stated, “As the retiree population grows, this offering positions USAA [Life] well for the future to provide retirement solutions and ensure that our members and consumers at large have access to solutions that reduce the risk of outliving their savings.”
Ash Sawhney, President - Insurance Solutions North America said, “We are pleased that USAA Life has chosen the Ebix platform for the launch of their first third-party offering after looking at various solutions in the market. AN4 is today the most widely used annuity exchange in the United States. We continue to see good momentum on our annuity exchange since we released the new AN4 platform. This is one of 8 new carriers we have signed on to the platform in the past year.”
Ash added, “With each carrier addition, Ebix generates multiple streams of revenue, including license fees, professional services, and recurring transactional fees. It also opens up new streams of revenue from distributors that are part of the carrier network as well as opportunities for consulting and platform-based process outsourcing.”
About Ebix, Inc.
With 50+ offices across 5 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, the Company’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administrative and risk compliance, across the world.
With a “Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, Forex, travel, pre-paid & gift cards, utility payments, lending etc., in an emerging country like India. The Company’s Forex Exchange has a dominant market share of India’s airport Foreign Exchange business encompassing 32 international airports like Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Goa and Kolkata International airports, while conducting over $3 Billion in GMV. EbixCash, through its travel portal Via.com, is also one of Southeast Asia’s leading travel exchanges with over 110,000 distribution outlets and 8,000 corporate clients processing over 24.5 million transactions every year. For further details, visit www.ebixcash.com
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
Fixed annuities available at Fidelity are issued by third-party insurance companies, which are not affiliated with any Fidelity Investments company. These products are distributed by Fidelity Insurance Agency, Inc., and, for certain products, by Fidelity Brokerage Services, Member NYSE, SIPC. A contract’s financial guarantees are solely the responsibility of and are subject to the claims-paying ability of the issuing insurance company.
Darren Joseph or Gautam Sharma678 -281-2027 or IR@ebix.com
David Collins or Chris EddyCatalyst Global - 212-924-9800 or firstname.lastname@example.org