August 2007 release of AnnuityNet Platform contains new support for subsequent premium payments for annuities
Finetre – a division of Ebix, Inc. (NASDAQ:EBIX) – today announced new automated support for annuities transacted on the firm’s AnnuityNet Platform.
Finetre provides Web-based annuity and life insurance automation platforms known as AnnuityNet and LifeSpeed. The platforms operate under a SaaS (Software as a Service) business model and enable annuity and life insurance distributors to automate the processing of annuity and life insurance transactions.
In many cases, the purchase of an annuity is followed by subsequent payments of premium, known as subpays. In addition to client-specific enhancements, the August 2007 release of AnnuityNet contains new support features that improve the efficiency of processing subpay transactions.
AnnuityNet includes a software wizard that guides the user through subpay administration features. With the August release, the subpay wizard now includes a 1035 Insurance Exchange feature, commonly known as a “replacement,” that recognizes payment assets made available through the liquidation of another investment vehicle. New functionality incorporated into the wizard business rules supports subpay transaction availability, fund availability, and premium allocation availability by contract and issue by state for all 50 US states.
The August 2007 release of AnnuityNet entered live production status on August 20th for all of Finetre’s annuity client base, including major US wirehouse broker/dealers, clearing firms, and insurance carriers. Finetre reported that there were no major issues negatively impacting clients’ ability to process same-day annuity transactions.
“The new subpay features on AnnuityNet were in high demand from our clients and demonstrate Finetre’s commitment to continuous enhancement of our product,” said Steve Dunlap, president of Finetre. “We have exhibited remarkable consistency over the last couple of years, and great leaps forward in total development capacity since our acquisition by Ebix last year. We plan to continue our steady stream of new and expanded functionality, adding additional value for our existing clients, even as we implement and launch the collection of recently signed new clients.”
About Finetre
Founded in 1997, Finetre is the division of Ebix, Inc. that focuses on transaction processing and compliance automation for the financial services industry. Finetre’s AnnuityNet Platform currently processes approximately 15,000 annuity transactions with a total value of nearly $1.5 billion for more than 20 brokerage firms each month over the Internet. Finetre’s parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ symbol: “EBIX”). For more information, visit http://www.finetre.com.
About Ebix
Ebix, Inc. is a leading international supplier of software and e-commerce solutions to the insurance industry. Ebix provides a series of application software products for the insurance industry ranging from carrier systems, agency systems and exchanges to custom software development for all entities involved in the insurance and financial services industries.
Ebix strives to work collaboratively with clients to develop innovative technology strategies and solutions that address specific business challenges. Ebix combines the newest technologies with its capabilities in consulting, systems design and integration, IT and business process outsourcing, applications software, and Web and application hosting to meet the individual needs of organizations.
With bases in Singapore, Australia, the US, New Zealand, India and Canada, Ebix employs insurance and technology professionals who provide products, support and consultancy to more than 3,000 customers on six continents. Ebix’s focus on quality has enabled it be awarded Level 5 status of the Carnegie Mellon Software Engineering Institute’s Capability Maturity Model (CMM). Ebix has also earned ISO 9001:2000 certification for both its development and call center units in India. For more information, visit http://www.ebix.com.