Ebix Annuity Exchange Closes 2023 with Record Annual Volumes of $118 Billion
Record Numbers Reported Both in December 2023 and Q4 of 2023
JOHNS CREEK, Ga., Jan. 04, 2024 (GLOBE NEWSWIRE) — Ebix, Inc. (OTC: EBIXQ), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare, and e-learning industries, announced today that its Annuity Exchange AN4 has reported record volumes in the last quarter of 2023, besides reporting a record performance for the full year of 2023.
Ebix’s AN4 Annuity exchange is an integral key part of Ebix’s North America Life & Annuity Division, that includes other assets like LifeSpeed, the industry leading Order Entry platform; WinFlex, a market-leading multi-carrier illustration tool used by over 35 carriers and more than 275,000 users; TPP (The Policy Processor), an industry leading underwriting platform; and SmartOffice, an insurance vertical driven CRM tool used by more than 35,000 agencies and advisors.
AN4 is the Annuity industry’s largest exchange representing over 60% of all 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 to integrate with industry partners: including Cannex, Envestnet, Docupace, RegEd, DocuSign, OneSpan, DTCC and others. Ebix reported record numbers in many areas in the year 2023:
- December 2023 Premium and Transactional Volumes were up 37% and 33% respectively compared to December 2022.
- Total 2023 annuity premiums processed on the platform was approximately $118 billion, the highest ever since inception in 1997, representing an approximately 21% increase over 2022.
- Total exchange transactions for 2023 reached 658K, representing a 12% increase over 2022 – representing the highest volume recorded since inception in 1997.
- The number of distributors and carrier manufacturers on the exchange continues to expand and is now at the highest level ever. There are now over 140 distributors online and 62 carrier manufacturers on the exchange.
- The total number of products supported on the platform increased 11% and exceeded 2,700.
Robin Raina, President and CEO, Ebix, Inc. said, “Ebix has pioneered the concept of straight through processing in the areas of Annuity sales. We have seen the industry evolve over the years and are quite proud of our leadership role in moving the industry forward. 2023 is a momentous year for Ebix in the area of Annuities, with our Annuity Exchange AN4 reporting approximately $118 billion in premiums processed. I congratulate our Annuity Division employees for this record performance.”
Ash Sawhney, President of Insurance Solutions North America for Ebix commented, “We are excited to see back-to- back years of continued record growth for AnnuityNet. The increased number of users and volume we are seeing from both distributors and carriers is positive for the growth of the annuity and retirement income marketplace. These increases show the value our customers place on having a robust, compliant, and dependable exchange that is easy to use. Speed and accuracy are also key factors as the system allows rapid straight through processing, almost 100% IGO accuracy and in-force maintenance of annuities for their customers.”
“We are fortunate in that our industry advisory groups of distributors and carriers work closely with us each month to keep the system and features up to date with the latest industry changes. Feedback from our customers indicates the accuracy, speed and ease of installation and maintenance is allowing them to support higher volumes with less staff which reduces costs and helps impact the bottom-line,” Ash said. “Our pipeline of new distributors and carriers adopting the platform is the strongest that we have seen in recent years. In addition, most of our new clients in the pipeline as well as existing customers are leveraging our new accelerated go-to-market (AGM) program that encompasses proprietary software tools, accelerators for product setup, consulting services, and training programs to help companies with rapid deployment. The AnnuityNet system combined with our world class consulting services team allows us to onboard carriers, distributors, and new products faster than ever before. The industry continues to see growth driven by a favorable interest rate environment and the need for annuity lifetime income guarantees in today’s retirement planning market. We are proud to enable this industry growth by providing the most robust, secure, and reliant platform.”
About Ebix, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (OTC: EBIXQ) endeavors to provide on-demand infrastructure exchanges to the insurance, financial services, travel, and healthcare industries.
With a “Phygital” strategy that combines over 650,000 physical distribution outlets in India and many Southeast Asian Nations (“ASEAN”) countries as of December 31, 2021, 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 are carried out primarily through 82 retail branches, 62 retail kiosks in 16 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, 12 seaports, over 250 franchise partners across 69 cities, as well as offered through more than 1200 corporate clients, more than 27 bank clients, and 5-star hotels in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of the leading non-bank travel exchanges based in India and catering to approximately 517,000 agents and approximately 17,900 registered corporate clients as of December 31, 2021. 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. 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
CONTACT:
Darren Joseph
678-281-2027 or IR@ebix.com
