3i Infotech launches insurance broking exchange

Mumbai, Sep 18 (UNI) 3i Infotech today launched Premia Insurance Broking eXchange (IBX), which is claimed to be the first of its kind subscription-based internet solution for the insurance industry.

The service is available on pay-per-use basis. The customer has to log on to the website of Premia IBX and choose the insurance broker of his choice. Upon the broker's advice, he can finalise the most suitable insurance cover. Initially the facility has been made available only for non-life insurance products and soon it would be launched for the life insurance products too.

Briefing the media after the launch here today, 3i Infotech deputy managing director Hari Padmanabhan said, ''Through Premia IBX, we aim to bridge the information gap between brokers, insurance companies and customers by facilitating information assimilation and provide customer-centric insurance solutions in a competitive market''. It would provide a three-way communication between the customer, insurance company and the insurance broker, he added.

Launched to empower the insurance broking fraternity in India 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. The service will be introduced by the company for its customers during the annual conference of insurance brokers being held by IBAI here tomorrow.

Speaking on the occasion, IBAI president Bharat Boda said the insurance industry of the country is poised for tremendous growth with the anticipated deregulation of the sector since January 1 next year. This initiative by 3i Infotech will help in future market growth while providing consumers with customized insurance solutions.

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