Critics appear to have centered on issues about Ebix companies in India, not the North American life and annuity distribution tech operations.
The companies: Along with AnnuityNet, the Ebix North American life and annuity property embody LifeSpeed, a life insurance coverage distribution tech enterprise; WinFlex, a product efficiency illustration device; TPP, an insurance coverage coverage underwriting system; and SmartOffice, a buyer relationship administration system for brokers and advisors.
AnnuityNet helps 57 insurers distribute 2,400 merchandise, and LifeSpeed helps about 100 insurers soak up 1.3 million purposes per 12 months and course of $50 billion in life insurance coverage premium funds, in accordance with a doc filed with the U.S. Chapter Court docket for the North District of Texas.
The market: AnnuityNet and LifeSpeed compete with Roper Applied sciences’ iPipeline system and Insurance coverage Applied sciences’ Firelight system.
The three firms should join with sophisticated, extremely safe, extremely regulated entities such because the Depository Belief & Clearing Corp.’s Insurance coverage and Retirement Providers system.
Roper Applied sciences acquired iPipeline in 2019 from a personal fairness agency for $1.6 billion, at a time when iPipeline had $200 million in income.
Robin Raina, Ebix’s CEO, advised securities analysts throughout a convention name that he believed that AnnuityNet’s income had the next worth as a result of AnnuityNet will get extra of its income within the type of recurring funds, reasonably than onetime funds.
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