Ebix Annuity Exchange Achieved Record Volumes in 2022
07 February 2023 - 11:46PM
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 it closed 2022 with record volumes on its Annuity Exchange
Platform called AnnuityNet4 (AN4).
AN4 is the industry’s largest annuity exchange
representing roughly 70% of the electronic annuity transactions.
The exchange connects the industry’s distributors and annuity
manufacturers to seamlessly enable end-to-end annuity sales. AN4
also serves as a one-stop-shop by integrating with industry
partners, including: Cannex, Envestnet, Docupace, RegEd, DocuSign,
OneSpan, DTCC and others. In the year 2022, Ebix recorded some of
its highest numbers ever in many areas:
- Total annuity premiums processed
through the platform reached $98 billion, the highest ever since
inception in 1997. This represents a 46 percent gain as compared to
2021.
- Total transactions exceeded
580,000. This represents 36% year-over-year growth in 2022. Q4 2022
was the highest ever quarter on record in terms of transaction
counts, with November 2022 being the highest ever month on
record.
- The number of participants on the
exchange now stands at 57 carrier manufacturers and over 120
distributors, including banks and clearing houses.
- Total number of products supported
on the platform crossed 2,400.
Ash Sawhney, President - Insurance Solutions,
North America for Ebix said, “The numbers and results speak for
themselves, and we are very pleased with this level of record
performance in the year 2022. First and foremost I want to
congratulate Team Ebix for an amazing performance. It is no trivial
feat to manage an industry mission critical exchange of this size
and magnitude.”
Ash added, “The industry is experiencing an
unprecedented growth spurt aided by favorable market and interest
rate conditions. We are proud to facilitate this industry growth by
providing the most robust, secure, and reliant platform.”
Earlier in 2022 Ebix initiated an Accelerated
go-to-market program (AGM). This program encompasses proprietary
software tools, accelerators for product setup, consulting
services, and training programs to help companies expedite
go-to-market. Commenting on that, Ash said, “The program is a
roaring success. We are able to onboard carriers and distributors
faster than ever before.”
Ebix also announced that it is hosting an
industry user group exposition for its exchange clients
encompassing its leading institutional clients from the US
insurance and Financial industry, between February 20th and 23rd in
Orlando, wherein it will unveil a roadmap for its next generation
digital platform called the Super Highway.
Ash said, “We are super excited about this new
cloud enabled platform which will be embedded with AI tools and
Advanced Analytics. We will also be announcing several new partners
at the Expo, that we are integrating with. We are mindful of the
important role we play in the industry and we will continue to lead
the charge with technology innovation to support 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, 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
CONTACTDarren Joseph 678-281-2027 or IR@ebix.comDavid
Collins or Chris EddyCatalyst Global - 212-924-9800
or ebix@catalyst-ir.com
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