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EbixExchange, SIGNiX Partner to Support Annuity eSignature Pilot

^{Published on 2008-11-18 10:34:27 - Market Wire}
 

HERNDON, Va. & CHATTANOOGA,Tenn.--([ BUSINESS WIRE ])--EbixExchange – a division of Ebix, Inc. (NASDAQ:EBIX) and SIGNiX today announced their partnership in support of an annuity sales eSignature initiative presently underway. The partnership is viewed by many in the industry as continued substantiation of the leadership role played by these firms in supporting automation and increasing efficiency.

EbixExchange and SIGNiX are Web-based technology providers and both have participated in the Straight Through Processing (STP) retirement-industry initiative spearheaded by NAVA, Inc., The Association for Insured Retirement Solutions.

"With the partnership with SIGNiX, we're now in a position to bring about the first instance of something long dreamed of in our industry – the virtual elimination of paper-oriented administration from all annuity sales," said EbixExchange Senior Vice President Dan Delity. "We have worked long and hard to help redefine business processes and provide supporting automation in our AnnuityNet Platform throughout the entire annuity sales cycle. But where client signatures were concerned, the shift away from paper to eSignature was always a goal that could only be obtained through a strategic, far-reaching industry consensus. We are proud of the contributions we've made to the NAVA initiative, and grateful for the opportunity provided by this initial pilot."

"We are tremendously excited to help bring eSignatures to the annuity industry through our integration with EbixExchange," said SIGNiX Executive Vice President Pem Guerry. "It is only appropriate to thank here all of the industry partners who have supported the special STP Initiative headed up by NAVA and brought definition, consensus, and standards to this industry effort. As a result, we now have the opportunity in combination with EbixExchange to bring the STP technology solution into production for the group of leading financial institutions participating in the initial pilot and to also make it available to the rest of the industry as well."

The AnnuityNet Platform enables brokerage firms to fully automate processing of annuities by providing compliance workflow management and oversight, suitability adjudication, and reporting. The platform also increases back-office efficiency by providing and correctly filling out all forms, curtailing errors and virtually eliminating "Not in Good Order" (NIGO) business.

SIGNiX is a hosted digital signature solution that provides users with the ability to electronically and legally sign documents – whether on the Internet, telephone or face to face. SIGNiX enables individuals to be immediately authenticated online and allowed to sign documents with no special hardware or software downloads.

About EbixExchange

EbixExchange is the division of Ebix, Inc. that focuses on research, illustration, transaction processing, and compliance automation for the life insurance and annuity industry. Combining the expertise of pre-merger industry pioneers EbixLife and Finetre Corporation, EbixExchange is a leading developer of electronic Straight Through Processing and currently supports a broad range of insurance agencies, brokerage and clearing firms, and operations centers at over 60 of the leading insurance carriers and their affiliates. EbixExchange's parent company, Ebix, Inc., is a publicly-held corporation (NASDAQ:EBIX). For more information, please visit [ http://www.ebixexchange.com ].

About Ebix, Inc.

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 Integration (CMMI). 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 ].

About SIGNiX

SIGNiX, headquartered in Chattanooga, Tenn., offers a patented electronic signature solution that supports automated, paperless processes. Users become "known customers" through a web or call center session so that documents requiring a signature can be legally executed online without the costs or delays of paper processing. This helps increase the speed, accuracy and security of approvals and acceptance signatures over traditional paper and ink-based signatures. No hardware installation or software download is required. Visit [ www.signix.com ] or call 423-305-7041 for more information