(Image source: USAA Life page.)
Ebix, Inc. (John’s Creek, Ga.), a global supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, has announced the launch of USAA Life Insurance Company (part of USAA; San Antonio, Texas) annuity products on its state of the art AnnuityNet4 (AN4) Exchange platform.
Ebix describes AN4 is a highly configurable annuity exchange platform that supports variable, fixed, index and income annuity sales, as well as in-force policy maintenance for withdrawals, fund transfers, and policy updates. AN4 seamlessly supports Ebix carrier products for easy and convenient access by Bank, Broker Dealer and Agency distribution clients, according to the company.
USAA Life announced the offering of its first third-party distributed annuity through Fidelity Investments, a company Ebix has worked with since 2009. The company stated, “As the retiree population grows, this offering positions USAA [Life] well for the future to provide retirement solutions and ensure that our members and consumers at large have access to solutions that reduce the risk of outliving their savings.”
USAA Life One of Eight New Carriers on AN4
“We are pleased that USAA Life has chosen the Ebix platform for the launch of their first third-party offering after looking at various solutions in the market,” comments Ash Sawhney, President – Insurance Solutions North America, Ebix. “AN4 is today the most widely used annuity exchange in the United States. We continue to see good momentum on our annuity exchange since we released the new AN4 platform. This is one of eight new carriers we have signed on to the platform in the past year.”
“With each carrier addition, Ebix generates multiple streams of revenue, including license fees, professional services, and recurring transactional fees,” Sawhney adds. “It also opens up new streams of revenue from distributors that are part of the carrier network as well as opportunities for consulting and platform-based process outsourcing.”