Ebix Signs Aspida to Join its Annuity Exchange Platform
August 19 2022 - 7:35AM
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, announced today
that Aspida Life Insurance Company (“Aspida”), a life insurance and
annuity company, will leverage both Ebix’s AnnuityNet platform to
increase distribution within the banking channel and Ebix’s
Consulting Division for its overall project delivery and DTCC
workflow.
AnnuityNet4 (AN4), EbixExchange’s
industry-leading order-entry solution, is designed to optimize the
advisor experience through increased efficiency and reduction of
compliance risk. While Ebix’s Consulting Division offers a range of
transformation services, including market entry advisory, platform
roadmaps, product setup, testing, integration, and ongoing support
services.
“We are pleased that Aspida has chosen to
partner with Ebix,” said Ash Sawhney, President, Insurance
Solutions North America at Ebix. “Aspida is a tech-forward, agile
insurance provider that actively works to deliver a seamless and
efficient experience for advisors, who guide clients through every
stage of the wealth management process with a personalized approach
and differentiated resources. We’re here to make that easier by
simplifying the complex demands of annuity distribution.”
AN4 fully automates the annuity transaction,
including automated calculation of suitability scores and
transaction routing through compliance workflows. This innovative
technology allows carriers to tap into new markets for annuity
sales by seamlessly connecting wealth management advisors to a vast
range of annuity products. This platform creates a simplified,
end-to-end annuity sales experience.
Ebix Consulting’s full-suite of transformation
and integration services ensures that clients achieve the fastest
time to market for their business-critical projects.
This recent partnership with Aspida is another
example of Ebix’s rapid expansion in the annuity business. In North
America, Ebix now has over fifty-five carriers and over 100
distributors on its Annuity Exchange – the highest number Ebix has
seen since its inception in 1997. Collectively, this network
represents approximately 70 percent of annuities submitted
electronically in the industry.
About Ebix, Inc.
With approximately 200 offices across 6
continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide
on-demand software and e-commerce services to the insurance,
financial services, travel, healthcare and e-learning industries.
In the Insurance sector, Ebix’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 administration and risk compliance
services, around the world.
With a "Phygital” strategy that combines over
650,000 physical distribution outlets in many Southeast Asian
Nations (“ASEAN”) countries, to an Omni-channel online digital
platform, the Company’s EbixCash Financial exchange portfolio of
software and services encompasses domestic and international money
remittance, foreign exchange (Forex), travel, pre-paid gift cards,
utility payments, lending and wealth management across 75+
countries including India. EbixCash’s Forex operations is a leader
in India’s airport Forex business, with operations in approximately
16 international airports, including Delhi, Mumbai, Mumbai,
Hyderabad, Chennai and Kolkata, combined conducting over $4.8
billion in gross transaction value per year (pre-COVID-19).
EbixCash’s inward remittance business in India processed
approximately $5 billion in gross annual remittance volume
(pre-COVID-19) and is the clear market leader. EbixCash, through
its travel portfolio of Via and Mercury, is also one of Southeast
Asia’s leading travel exchanges with over 517,000 agents and
approximately 17,900 registered corporate clients, combined having
processed an estimated $2.5 billion in gross merchandise value per
year (pre-COVID-19). EbixCash's financial technologies business
offers software solutions at the enterprise level for banks, asset
and wealth management companies and trust companies within India,
Southeast Asia, the Middle East and Africa. The EbixCash's
e-learning solutions are provided to schools across the breadth of
India via high quality 2-D and 3-D animation and multimedia
learning. EbixCash's business process outsourcing services provide
information technology and call center services to a variety of
industries.
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
About Aspida
Aspida Holdings Ltd., through its subsidiaries (collectively
“Aspida”), is focused on providing retirement and reinsurance
solutions, having operations in the U.S. and Bermuda with total
assets of $3.5 billion as of Dec. 31, 2021. Aspida, through its
U.S. platform – Aspida Life Insurance Company – is focused on
leveraging technology and agility to help clients achieve – and
protect – their dreams. Its Bermuda-based reinsurance platform,
Aspida Life Re, is focused on providing efficient and secure life
and annuity reinsurance solutions. Aspida seeks to be a trusted
partner in its clients’ financial security while driving its growth
by doing good for the communities it serves. Aspida is an indirect
subsidiary of Ares Management Corporation. For more information,
please visit: www.aspida.com.
CONTACTDarren Joseph 678-281-2027
or IR@ebix.com
David Collins or Chris EddyCatalyst Global - 212-924-9800
or ebix@catalyst-ir.com
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