The Depository Trust & Clearing Corporation (DTCC), the premier
market infrastructure for the global financial services industry,
today announced that it is partnering with Ebix, Inc. (NASDAQ:
EBIX), a leading international supplier of on-demand software and
e-commerce services, to deliver an automated annuity compliance
solution to significantly increase efficiency, reduce costs, and
lower the risks associated with certifying agent compliance for
annuity sales. Under this partnership, the firms will link Ebix’s
platform, AnnuityNet, with DTCC’s Producer Management Portal (PMP).
Today, training certification and record-keeping are the primary
drivers of “Not In Good Order” (NIGO) annuity submissions across
the insurance industry, a challenge that’s magnified by state by
state differences in training requirements. DTCC is collaborating
with Ebix to provide their AnnuityNet platform users access to
PMP’s automated training certification process, allowing carriers
and distributors to seamlessly share, track, and verify producer
training completions on a single platform and as mandated by the
National Association of Insurance Commissioners (NAIC). In 2020,
approximately 70% of annuity application transactions that flowed
through DTCC originated on the Ebix AnnuityNet platform.
In this industry-first integration, Ebix will send real-time
messages to DTCC’s PMP platform as annuity orders are entered to
ensure the agent has completed producer product training and
licensing requirements. This automated process eliminates the
reliance on manual touchpoints, including the need for broker
dealers to review spreadsheets or paper documents to determine
whether agents have the proper training and licenses.
“In recent years, it’s become increasingly challenging for
carriers and distributors to ensure they’re compliant and
up-to-date on the training and licenses required for selling
annuities,” said Ann Bergin, DTCC Managing Director & General
Manager, Wealth Management Services and Asset Services. “We are
happy to be partnering with Ebix to deliver this new solution,
which will provide a broad range of market participants with access
to a streamlined real-time process for monitoring compliance with
insurance mandates, increasing operational efficiencies, providing
balance sheet relief, and lowering risk.”
AnnuityNet is an industry-leading and highly configurable
platform that supports variable, fixed, index, and income annuity
sales, as well as enforce policy maintenance for withdrawals, fund
transfers, and policy updates. AnnuityNet seamlessly supports Ebix
carrier products for easy and convenient access by Bank,
Broker-Dealer, and Agency distribution clients. The PMP platform is
the most comprehensive source available for centralized sharing,
tracking and verifying producer training completions. PMP
helps insurance carriers and distributors manage and comply with
NAIC producer training requirements in a standard web services
environment, providing detailed producer training completion
information and real-time point-of-sale training
authorizations.
Ash Sawhney, President, Insurance Solutions North America at
Ebix, said, “As annuities and the retirement income they provide
grow in popularity, it is critical that we make the process as
seamless as possible. As the industry’s leading annuity technology
provider, we are excited to have worked with the DTCC to create an
industry first integration that solves the biggest challenge to
getting annuities issued in good order. This solution replaces a
patchwork process with automated validation of completed agent
training requirements prior to the application being transmitted to
the insurance carrier to ensure an “in good order” application
submission.”
NOTES TO EDITORS
About DTCCWith over 45 years of experience,
DTCC is the premier post-trade market infrastructure for the global
financial services industry. From 21 locations around the world,
DTCC, through its subsidiaries, automates, centralizes and
standardizes the processing of financial transactions, mitigating
risk, increasing transparency and driving efficiency for thousands
of broker/dealers, custodian banks and asset managers. Industry
owned and governed, the firm simplifies the complexities of
clearing, settlement, asset servicing, data management, data
reporting and information services across asset classes, bringing
increased security and soundness to financial markets. In 2020,
DTCC’s subsidiaries processed securities transactions valued at
more than U.S. $2.3 quadrillion. Its depository provides custody
and asset servicing for securities issues from 170 countries and
territories valued at U.S. $73.5 trillion. DTCC’s Global Trade
Repository service, through locally registered, licensed, or
approved trade repositories, processes 15 billion messages
annually. To learn more, please visit us at www.dtcc.com or connect
with us on LinkedIn, Twitter, YouTube and Facebook.
About EbixWith 50+ offices across 6 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, 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 globally in the
area of CRM, front-end & back-end systems, outsourced
administration and risk compliance services.
With a "Phygital” strategy that combines 320,000 physical
distribution outlets in many Asian countries, to an Omni-channel
online digital platform, the Company’s EbixCash Financial exchange
portfolio encompasses leadership in the areas of domestic &
international money remittance, foreign exchange (Forex), travel,
pre-paid & gift cards, utility payments, and lending, wealth
and asset management solutions and services in India and other
markets. EbixCash’s Forex operations have emerged as a leader in
India’s airport Foreign Exchange business, with operations in 32
international airports, including Delhi, Mumbai, Bangalore,
Hyderabad, Chennai and Kolkata. These Forex operations conduct over
$4.8 billion in gross transaction value per year. EbixCash’s inward
remittance business in India conducts approximately $5 billion
gross in annual remittance business, confirming its undisputed
leadership position in India. EbixCash, through its travel
portfolio of Via and Mercury, is also one of Southeast Asia’s
leading travel exchanges, with over 2,200+ employees, a 212,450+
agent network, 25 branches and over 9,800 corporate clients. The
EbixCash travel business processes an estimated $2.5 billion in
gross merchandise value per year. EbixCash’s technology services
Division has emerged as a leader in the areas of lending
technology, asset & wealth management technology, and travel
technology in India and has grown its international expanse to
Europe, Middle East, Africa and other ASEAN countries.
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.
Press Contacts
DTCC
Kristi Morrow+1 617 905 8440kmorrow@dtcc.com USEric Hazard,
Vested+1 917 765 8720eric@fullyvested.comEuropeAna Reynaud,
Greentarget+44(0)203 963 1912ana.reynaud@greentarget.co.uk AsiaYuri
van der Leest, Teneo +852 3655
0504 yuri.vanderleest@teneo.comAustraliaEmma
Cullen-Ward, OneProfile +61 2 8915
9900 emma@oneprofile.com.au
EbixDarren Joseph or Gautam Sharma+1 678 281
2027IR@ebix.com David Collins or Chris EddyCatalyst Global
+1 212 924 9800 ebix@catalyst-ir.comAdditional
InformationLearn more about DTCC.
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