CIOL:3i Infotech launches Insurance Broking Exchange

MUMBAI: 3i Infotech, a global provider of IT solutions today launched Premia Insurance Broking eXchange (IBX), a subscription based Internet solution for the Indian insurance industry.

Premia IBX will provide a common pay-per-use platform, where insurance brokers can interact with insurance companies and customers in order to provide the best possible Insurance Cover to consumers across India.

Launched with support from the Insurance Brokers’ Association of India (IBAI), Premia IBX is based on the Application Service Provider (ASP) model and hosted at 3i Infotech’s Vashi Data Centre in Mumbai.

Premia IBX enables brokers to interact and transact with potential customers across India in real-time. Through the system, they will have access to information on available products, customer requirements as well as exhaustive comparative tools in order to assess various policies and match them to customer requirements.

This will ensure that brokers are able to provide the end customer with insurance solutions uniquely suited to them.

The Premia IBX service will be available to the Insurance industry including 200 plus insurance brokers and the 30 insurance companies across India. Based on a pay-per-use policy, billing to brokers will be dependent on the quantum of usage. 3i Infotech will introduce this service to its customers on September 19, 2006 at the Annual Conference of Insurance Brokers organized by Insurance Brokers’ Association of India.

Commenting on the launch, Bharat Boda, President, Insurance Brokers’ Association of India said, “The Indian insurance industry is poised for tremendous growth with the anticipated deregulation. This initiative by 3i Infotech is a step in the right direction, as it will help in future market growth, while providing consumers with customized insurance solutions. Additionally, it will also provide an impetus to insurance brokers – including corporates and individuals - who will now have access to a cost effective IT infrastructure and an insurance industry knowledge base for increased business agility.”

Elaborating on the rationale for the launch of Premia IBX, Hari Padmanabhan, Dy Managing Director, 3i Infotech said, “With the addition of many new Insurance companies in India and the numerous products offered by them, currently Indian insurance brokers face a daunting task of servicing a rapidly expanding customer base. Through Premia IBX, we aim to bridge the information gap between brokers, insurance companies and consumers by facilitating information assimilation and provide customer centric insurance solutions in a competitive market.”

© CyberMedia News

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