Ebix’s AnnuityNet Exchange Platform adds USAA Life Insurance Company
January 09 2020 - 7:30AM
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
Disclaimer -
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.
CONTACT:
Darren Joseph or Gautam Sharma678 -281-2027 or
IR@ebix.com
David Collins or Chris EddyCatalyst Global -
212-924-9800 or ebix@catalyst-ir.com
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