India’s 3i Infotech, a provider of IT solutions, announced the launch of Premia Insurance Broking eXchange (IBX), which it described as “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.”
The new service “enables brokers to interact and transact with potential customers across India in real-time,” the bulletin continued. “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.” It will be available to India’s 200 plus insurance brokers and 30 insurance companies across India.
Plans call for “a subscription-based model,” which will be “offered with a nominal monthly fee, so as to help brokers to avoid large IT investments in software and related hardware. 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.”
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