Media Release: AXS Secures 3 Year Agreement With Top 100- Listed Canadian Company
AXS Group Limited (“AXS”) is pleased to announce that it has signed a fixed 3-year term agreement to become the primary software provider for one of Canada’s largest life and health insurers, IA Financial Group Insurance and Financial Services Inc (“iA Financial Group”) (TSE: IAG), and to iA Financial Group’s independent advisor network for lending services across Canada. In addition to the fixed 3-year term, the contract also includes 12-month extensions by agreement.
AXS is a global software provider of digitised and automated asset processing and reporting solutions for the financial services sector, which offers cloud-based Software as a Service (SaaS), hosted software or onsite server product modules. AXS’s software platform, ARMnet, uses cognitive processes, including robotic process automation digitisation and blockchain techniques to give real-time output, reducing time and cutting costs. One of its key competitive advantages is the platforms’ powerful capability to automate, digitise and integrate all aspects of loan processing – end-to-end fully integrated – delivering robust efficiency gains and significant reductions in costs.
iA Financial Group is among the top 100 largest public companies in Canada. It manages and administers over CAD$172.9 billion in assets with a market capitalisation over CAD$6 billion. With the introduction of AXS’s ARMnet, iA Financial Group intends to grow its lending activities given the software’s capabilities in the origination, underwriting and servicing of loans.
The implementation of the ARMnet software will see a new broker portal rolled out for all loan origination activities across iA Financial Group’s broker network throughout Canada and Western United States. AXS will receive base licensing fees plus transactional fees on activities for all business originated. This scaling by volume will contribute towards a strong uplift in revenue and profit performance for AXS.
David Grey, Managing Director of AXS Group, said:
“This is a powerful note of endorsement for AXS with iA Financial Group being a Top 100 Canadian company and we look forward to working with them.
“It is also a pivotal deal for AXS as we move towards our expected listing on the Australian Securities Exchange by the end of 2018.
The next phase will see the parties expand the servicing of loans and transition of iA Financial Group’s existing loan book of over CAD$3 billion onto the software with the software rollout to go live by the end of November 2018.
For further information please contact:
Rod North, Managing Director,
Bourse Communications Pty Ltd
T: +613 9510 8309, M: +61 408 670 706,
E: [email protected]
About iA Financial Group
Founded in 1892, iA Financial Group Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fourth largest life and health insurance company in Canada. iA Financial Group is at the head of a large financial group, which has operations across Canada, as well as in the Western United States.
About AXS Group Limited
AXS is a global software provider in the digitisation and automation of asset processing and reporting solutions to the financial services sector. AXS’s global SaaS and cloud-based platform, ARMnet, is specially designed for the financial services industry, particularly for the non-bank software lending market. It provides CRM software solutions that address each phase of the service lifecycle of financial services businesses. The ARMnet platform has been adapted to serve over 40 clients in Australia and overseas in Asia, Europe and North America and is currently used to manage over $100b of assets and transactions for clients worldwide. These clients include large listed financial service providers, corporate and government bodies.
For more information visit: https://axsgroup.com.au/