Ebix announces changes in the area of annuity exchanges

Ebix announces changes in the area of annuity exchanges | Insurance Business

Ebix announces changes in the area of annuity exchanges

An international supplier of on-demand software and e-commerce services to the insurance industry has expanded its market share by signing four new contracts with life and annuity insurance companies in the fourth quarter of 2018.

Ebix inked new contracts with life insurance companies Fidelity and Guaranty Life, United Life, and Guaranty Income Life, and has also successfully completed the implementation of its annuity exchange platform AnnuityNet4 (AN4) across its entire client base in the United States.

AN4 supports new transaction types for in-force policies like withdrawals, fund transfers, and policy maintenance, and allows Ebix clients to on-board their advisors on their own in an expeditious manner.

“The upgrade to AnnuityNet4 was a major accomplishment,” said Ash Sawhney, president of insurance solutions for North America. “Being a dominant player in the annuity exchange market, we are mindful of our position and responsibility to enhance the platform and take the industry forward. We look forward to creating more momentum in the market as it relates to electronic submissions. We also welcome the new clients and partners on the platform.”

Ebix said it also teamed up with solution providers Docupace, Annuity Rate Watch, and Fiduciary Exchange by integrating AN4 with their platforms, creating new avenues for revenue growth.