Ebix Signs Aspida to Join its Annuity Exchange Platform

Rhea-AI Summary

Ebix, a global provider of On-Demand software, announced a partnership with Aspida Life Insurance Company to enhance distribution via its AnnuityNet platform. This collaboration aims to boost efficiency in annuity transactions, connecting wealth management advisors with a variety of annuity products. The AnnuityNet4 platform fully automates transactions, ensuring compliance and reducing risk. Ebix's network now includes over 55 carriers and 100 distributors, representing about 70% of electronically submitted annuities in North America, marking significant growth in the annuity sector.

Positive

• Partnership with Aspida enhances distribution capabilities.
• AnnuityNet4 platform offers automation and compliance features.
• Network includes over 55 carriers and 100 distributors, highest since 1997.

Negative

• None.

JOHNS CREEK, Ga., Aug. 19, 2022 (GLOBE NEWSWIRE) -- 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.

CONTACT
Darren Joseph
678-281-2027 or IR@ebix.com

David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com

FAQ

What is the recent partnership announced by Ebix?

Ebix announced a partnership with Aspida Life Insurance Company to use its AnnuityNet platform for improved distribution.

How does AnnuityNet4 benefit wealth management advisors?

AnnuityNet4 automates annuity transactions, improving efficiency and reducing compliance risks for advisors.

What percentage of electronically submitted annuities does Ebix's network represent?

Ebix's network represents approximately 70% of electronically submitted annuities in North America.

What services does Ebix Consulting provide?

Ebix Consulting offers transformation services, including market entry advisory and ongoing support for financial projects.

When was the partnership with Aspida announced?

The partnership with Aspida was announced on August 19, 2022.