Introduced in 1998, AnnuityNet is EbixExchange’s first-to-market, order-entry platform for annuity transactions.
AnnuityNet is accessible to insurance carriers, broker/dealers, banks and individual sales reps. Carriers post their annuity products and associated product rules and forms on the platform where they are incorporated into a Web-based application process and a suitability questionnaire. Currently, AnnuityNet features over 1,600 annuity products from nearly 40 insurance carriers. AnnuityNet supports fixed and variable annuities, immediate, and equity-indexed annuities.
Sales reps are led through a series of simple questions by the AnnuityNet wizard which automatically completes applications, calculates suitability scores and automatically routes transactions through compliance workflow queues. The result: annuity applications that are complete, virtually error-free, and consistently reviewed for compliance and disclosure issues.
Designed to increase annuity sales and reduce compliance risk, AnnuityNet makes possible more efficient, more appropriate, and more successful transactions – at a lower cost than manual, paper-based systems. Insurance carriers report an in good order rate of well over 90% — often achieving 98%. These quick and simple transactions – that fully meet all compliance criteria – free sales reps to focus on servicing their clients and building their business.
EbixExchange processed $21 billion of the $247 billion invested in annuities in 2007. Each month, AnnuityNet processes over 25,000 annuity transactions representing over $2 billion in premium. Nearly every insurance carrier that offers variable annuities is an EbixExchange client, along with about 30 distributors – many of whom are processing ALL of their annuity business on AnnuityNet. This number does not include the hundreds of correspondent broker/dealers who access the system through EbixExchange’s six clearing firm clients.
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