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Service to link Ebix AnnuityNet platform with DTCC’s Producer Management Portal
NEW YORK and LONDON and HONG KONG and SINGAPORE and SYDNEY, Australia, July 13, 2021 (GLOBE NEWSWIRE) -- The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced that it is partnering with Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services, to deliver an automated annuity compliance solution to significantly increase efficiency, reduce costs, and lower the risks associated with certifying agent compliance for annuity sales. Under this partnership, the firms will link Ebix’s platform, AnnuityNet, with DTCC’s Producer Management Portal (PMP).
Today, training certification and record-keeping are the primary drivers of “Not In Good Order” (NIGO) annuity submissions across the insurance industry, a challenge that’s magnified by state by state differences in training requirements. DTCC is collaborating with Ebix to provide their AnnuityNet platform users access to PMP’s automated training certification process, allowing carriers and distributors to seamlessly share, track, and verify producer training completions on a single platform and as mandated by the National Association of Insurance Commissioners (NAIC). In 2020, approximately 70% of annuity application transactions that flowed through DTCC originated on the Ebix AnnuityNet platform.
In this industry-first integration, Ebix will send real-time messages to DTCC’s PMP platform as annuity orders are entered to ensure the agent has completed producer product training and licensing requirements. This automated process eliminates the reliance on manual touchpoints, including the need for broker dealers to review spreadsheets or paper documents to determine whether agents have the proper training and licenses.
“In recent years, it’s become increasingly challenging for carriers and distributors to ensure they’re compliant and up-to-date on the training and licenses required for selling annuities,” said Ann Bergin, DTCC Managing Director & General Manager, Wealth Management Services and Asset Services. “We are happy to be partnering with Ebix to deliver this new solution, which will provide a broad range of market participants with access to a streamlined real-time process for monitoring compliance with insurance mandates, increasing operational efficiencies, providing balance sheet relief, and lowering risk.”
AnnuityNet is an industry-leading and highly configurable platform that supports variable, fixed, index, and income annuity sales, as well as enforce policy maintenance for withdrawals, fund transfers, and policy updates. AnnuityNet seamlessly supports Ebix carrier products for easy and convenient access by Bank, Broker-Dealer, and Agency distribution clients. The PMP platform is the most comprehensive source available for centralized sharing, tracking and verifying producer training completions. PMP helps insurance carriers and distributors manage and comply with NAIC producer training requirements in a standard web services environment, providing detailed producer training completion information and real-time point-of-sale training authorizations.
Ash Sawhney, President, Insurance Solutions North America at Ebix, said, “As annuities and the retirement income they provide grow in popularity, it is critical that we make the process as seamless as possible. As the industry’s leading annuity technology provider, we are excited to have worked with the DTCC to create an industry first integration that solves the biggest challenge to getting annuities issued in good order. This solution replaces a patchwork process with automated validation of completed agent training requirements prior to the application being transmitted to the insurance carrier to ensure an “in good order” application submission.”
NOTES TO EDITORS
With over 45 years of experience, DTCC is the premier post-trade market infrastructure for the global financial services industry. From 21 locations around the world, DTCC, through its subsidiaries, automates, centralizes and standardizes the processing of financial transactions, mitigating risk, increasing transparency and driving efficiency for thousands of broker/dealers, custodian banks and asset managers. Industry owned and governed, the firm simplifies the complexities of clearing, settlement, asset servicing, data management, data reporting and information services across asset classes, bringing increased security and soundness to financial markets. In 2020, DTCC’s subsidiaries processed securities transactions valued at more than U.S. $2.3 quadrillion. Its depository provides custody and asset servicing for securities issues from 170 countries and territories valued at U.S. $73.5 trillion. DTCC’s Global Trade Repository service, through locally registered, licensed, or approved trade repositories, processes 15 billion messages annually. To learn more, please visit us at www.dtcc.com or connect with us on LinkedIn, Twitter, YouTube and Facebook.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, 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 globally in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services.
With a "Phygital” strategy that combines 320,000 physical distribution outlets in many Asian countries, to an Omni-channel online digital platform, the Company’s EbixCash Financial exchange portfolio encompasses leadership in the areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, and lending, wealth and asset management solutions and services in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business, with operations in 32 international airports, including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata. These Forex operations conduct over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approximately $5 billion gross in annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges, with over 2,200+ employees, a 212,450+ agent network, 25 branches and over 9,800 corporate clients. The EbixCash travel business processes an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, and travel technology in India and has grown its international expanse to Europe, Middle East, Africa and other ASEAN countries.
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.
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