Media Release: AXS Platform, ARMnet, Now Live for iA Financial Group
AXS Group Limited (“AXS”) is pleased to announce that, following the signing of a 3-year term agreement with Industrial Alliance Insurance and Financial Services (“iA Financial Group”) (TSE: IAG) (announced 29 October 2018), AXS ‘s ARMnet software platform is now live and active for iA Financial Group, one of Canada’s pre-eminent financial services providers, and its network of 25,000 brokers.
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.
This exciting launch, which went live on 1 February 2019, pioneers ARMnet’s new pricing and revenue model. This updated pricing and revenue model aligns AXS’s fees with the volume of transactions on the software with terms, which will trigger fees on loan applications and loan approvals, user and set up fees for broker group, fees on products, portals, databases and system maintenance.
In parallel, AXS has now commenced development of Phase 2 of the ARMnet platform to expand and enhance iA Financial Group’s further functionality for the portal. This will underpin further use of AXS’s technology within iA Financial Group, and therefore expands the future revenue growth of AXS.
AXS is also currently in discussions to implement an ARMnet platform extension that will service and manage iA Financial Group’s existing $CAD 12 billion plus loan book.
David Grey, Managing Director of AXS Group, said:
“I am immensely proud of the work led by Ivan Colak and Laurie Atkinson and the performance of the development teams in Australia and Canada. They have worked hard to deliver the platform on budget and on time, in a time critical engagement, and have exceeded our customer’s expectations.
iA Financial Group has transitioned their new loan origination onto the ARMnet platform with unprecedented speed and little disruption to their existing business.
The go-live milestone for ARMnet is a key step to further growth for AXS as the revised pricing model and increased transaction volume delivers on incremental software licensing revenue.
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/