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Almost double increase in Premiums for EBIX

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September 28, 2009 – Comments (0)

and when you consider its profit margin at 39% then that really is shocking good news for this still small company based on market cap.

Ebix's AnnuityNet Exchange Reports Record Adoption by Industry

New recent engagements with large banks and financial institutions expected to lead to $60 billion in annuity processing in 2010

Press Release Source: Ebix, Inc. On Monday September 28, 2009, 9:50 am EDT
Companies: Ebix Inc.

ATLANTA--(BUSINESS WIRE)--Ebix, Inc. (NASDAQ:EBIX - News), 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.

Related QuotesSymbolPriceChangeEBIX50.93+4.21{"s" : "ebix","k" : "c10,l10,p20,t10","o" : "","j" : ""}

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:

Illustration Integration: Ebix’s order-entry platform for Life, LifeSpeed is now connected with EbixExchange’s leading illustration suite of products, including VitalSales Suite and WinFlex. This allows the advisor to move seamlessly from illustration or quote directly to the electronic application. Additionally the information entered on the quote is automatically populated on the application thereby eliminating the need for rekeying. eSignature Capabilities: EbixExchange has added eSignature capabilities to both the AnnuityNet and LifeSpeed platforms, which allow distributors to move the application through truly paperless process. No longer is a life agent or advisor required to print a paper application. Para med Service Provider Integration: A para med exam is the key to a life application moving quickly through underwriting. In addition to new partnerships with key paramedic vendors in the industry, LifeSpeed now includes paramedic ordering with the view to complete application transfer to paramedic vendors who provide electronic paramedic processing. License and Appointment Check: Each transaction on the AnnuityNet and LifeSpeed platforms begins with a license and appointment check to ensure the writing agent or advisor is legally licensed and appointed to sell the product to their clients.

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.”

 

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