Ebix Annuity Exchange Achieved Record Volumes in 2022
JOHNS CREEK, Ga., Feb. 07, 2023 (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 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
CONTACT
Darren Joseph
678-281-2027 or
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or
