DTCC Partners With Ebix to Deliver New Solution to Address Increasing Challenges of Annuity Compliance
Ebix Partners with DTCC to enhance annuity compliance solutions through the integration of Ebix's AnnuityNet platform with DTCC's Producer Management Portal. This collaboration aims to streamline compliance processes, reduce costs, and minimize risks related to training certifications for annuity agents. The automated platform will facilitate real-time communication regarding producer training completions, addressing the challenge of 'Not In Good Order' submissions. In 2020, 70% of annuity applications processed by DTCC originated from AnnuityNet, highlighting its significant role in the industry.
- Partnership with DTCC enhances efficiency and reduces compliance costs.
- Integration facilitates real-time monitoring of agent training and licensing requirements.
- 70% of annuity applications processed by DTCC in 2020 came from AnnuityNet.
- None.
Service to link Ebix AnnuityNet platform with DTCC’s Producer Management Portal
NEW YORK and LONDON and HONG KONG and SINGAPORE and SYDNEY, Australia, July 13, 2021 (GLOBE NEWSWIRE) -- 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
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 DTCC
With 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.
About Ebix
With 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
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 8440
kmorrow@dtcc.com
US
Eric Hazard, Vested
+1 917 765 8720
eric@fullyvested.com
Europe
Ana Reynaud, Greentarget
+44(0)203 963 1912
ana.reynaud@greentarget.co.uk
Asia
Yuri van der Leest, Teneo
+852 3655 0504
yuri.vanderleest@teneo.com
Australia
Emma Cullen-Ward, OneProfile
+61 2 8915 9900
emma@oneprofile.com.au
Ebix
Darren Joseph or Gautam Sharma
+1 678 281 2027
IR@ebix.com
David Collins or Chris Eddy
Catalyst Global
+1 212 924 9800
ebix@catalyst-ir.com
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FAQ
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