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BancorpSouth, Landmark Select Finetre for Electronic Annuity Processing
HERNDON, Va. --(Business Wire)-- Finetre - a division of Ebix, Inc. (NASDAQ:EBIX) - announced today BancorpSouth's agreement to deploy Finetre's industry-leading AnnuityNet Platform to its advisors as part of the firm's efforts to provide state-of-the-art annuity sales and suitability compliance reporting. The implementation will be overseen by Landmark Technology Partners.
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. Finetre's client base includes major US wirehouse broker/dealers, clearing firms, and insurance carriers.
BancorpSouth, a leading financial holding company in the south-central US, is well-known for its rapid expansion of both the firm's regional footprint and provision of services. The firm explored annuity sales management solutions and chose Finetre for its industry expertise and long history of superior technology deployments. The AnnuityNet implementation is expected to be completed quickly and be in production March 2008.
"BancorpSouth's goal is to gain considerable advantages in sales efficiency, compliance, and business control of our annuity operations," said Thomas Howard, president of BancorpSouth Investment Services, Inc. "Finetre's reliability, low error rates, and commitment to the financial services industry impressed us. We are confident that our use of AnnuityNet can help us better serve our clients by putting best-of-breed annuity processing and suitability tools in the hands of our Insurance Representatives," said Tom Murry, managing director of BancorpSouth Insurance Services, Inc.
The AnnuityNet implementation will be overseen by Landmark, a Massachusetts-based technology firm providing systems consulting support to BancorpSouth. Landmark, which provides Sales and Process Automation, Account Aggregation and Compliance and reporting software to more than ten regional US banks through its BankBroker product, views Finetre's AnnuityNet as a key value-added service that will help its clients expand their business through state-of-the-art annuity sales and suitability compliance reporting.
"AnnuityNet is a natural fit with our Gateway technology," said Bruce Graham, executive director for Landmark. "AnnuityNet will augment the many electronic account processing capabilities that we currently provide to banks, broker/dealers, and clearing firms."
"We are extremely pleased that BancorpSouth and Landmark have chosen us," said Steve Dunlap, president of Finetre. "We expect our relationship with them to further expand our support of the banking industry, which is an important part of the collective financial services market that we service."
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 BancorpSouth
Headquartered in Tupelo, Mississippi, BancorpSouth, Inc., (NYSE:BXS) is a $13.2 billion financial holding company that operates 290 commercial banking, mortgage, insurance, trust and broker/dealer locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas with a staff of approximately 4,000 full-time employees. BancorpSouth and its subsidiaries provide, in addition to traditional banking services, mortgage origination and servicing, student loans, leasing, credit card, trust and fiduciary services, brokerage, investment and insurance services. For more information, visit http://www.bancorpsouth.com.
Investment products, including variable annuities, are offered by BancorpSouth Investment Services, Inc. Insurance products are offered by BancorpSouth Insurance Services, Inc. Both are wholly owned subsidiaries of BancorpSouth Bank. Investment and Insurance products are: NOT FDIC Insured - No Bank Guarantee - May Lose Value.
About Landmark Technology Partners
Landmark provides the financial services market with end-to-end solutions for contact management, account aggregation, electronic form/account processing, workflow and commissions. Landmark specializes in solving front, middle and back-office challenges efficiently. For more information, visit http://www.landmarktechpartners.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.
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