ATLANTA, Oct. 31, 2013 (GLOBE NEWSWIRE) -- On the eve of the National Association of Independent Life Brokerage Agencies (NAILBA) 32 Annual Meeting November 21-23, Ebix, Inc. (Nasdaq:EBIX),a leading international supplier of On-Demand software and E-commerce services to the insurance industry, today announced that its plans to launch a wider portfolio of products in the life & annuity sector in 2014, to further enhance its leadership position in the North American markets.
The Company intends to present some of these new initiatives at the NAILBA 32 Meeting in Dallas. The Company views this as a major strategic initiative in view of its existing dominant leadership position in the life & annuity sectors, as reflected by the following facts:
- Ebix processes over $50 billion in annuities premium annually. That number represents over 90% of all of the electronic annuity business processed* while the Company's combined competition represents less than 10% of the market.
- The Company's annuity client base consists of over 200 of the largest banks, broker dealers, and financial services firms in the United States, with the Company's competitors having a fraction of that number.
- Ebix is the largest single provider of complete life e-Applications in North America. The Company processes over 1,000,000 fully underwritten electronic life insurance applications annually across the globe.
- Ebix's life illustration solutions are utilized by a vast majority of the independent life brokerage firms in the United States. Ebix runs over 22 million compliant life policy illustrations annually and over 40 million life insurance quotes annually.
- Ebix offers one of the most widely used agency management systems for life brokerage agencies in the United States. The Company's combined competition in the agency management system space represents a fraction of the Company's market share.
- The Company already has the widest portfolio of solutions in the sector, while providing true end-to-end straight through processing for its clients.
- Ebix has a record of not having lost any existing clients to its competition in the space.
- In fact, the Company has continued to add top tier carriers and distributors to its network.
Inviting its clients to the NAILBA Conference, the Company announced its intent to launch key products in the area of mobile agility, cloud-based back end solutions, straight through processing and automated underwriting and policy issuance; all targeted at increasing productivity significantly for the industry.
Ebix Senior Vice President -- Global Sales, Dan Delity said, "We look forward to presenting our new technology solutions at the NAILBA Conference. We believe that end-to-end straight through processing over the web will provide insurance carriers and distributors with significant productivity gains, increased margins and new distribution markets for premium growth. As a company, Ebix is dedicated not only to the proposition of straight through processing, but also to using our technology to implement significant industry process changes that enable insurance products to be more easily delivered to U.S. consumers. Thus, we are excited to unleash our new spectrum of products targeted at increasing premiums for the life and annuity industry."
*Numbers reported by the Depository Trust and Clearing Corporation (DTCC).
About Ebix, Inc.
A leading international supplier of On-Demand software and E-commerce services to the insurance industry, Ebix, Inc., (Nasdaq:EBIX) provides end-to-end solutions ranging from infrastructure exchanges, carrier systems, agency systems and BPO services to custom software development for all entities involved in the insurance industry.
With 30+ offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. Through its various SaaS-based software platforms, Ebix employs hundreds of insurance and 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