3i Infotech launches India’s first IBX

3i Infotech, a global provider of IT solutions and the fourth largest Indian Software Product company*, today announced the launch of Premia Insurance Broking eXchange (IBX), a first of it’s kind 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 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.

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. Aimed at the larger interest of the Indian insurance industry as well as consumer welfare, Premia IBX will become an all encompassing, integrated system that will provide the industry with a common communication and interaction platform.

The Premia IBX service will be available to the Insurance industry including 200 plus insurance brokers and the 30 insurance companies across India. On subscription-based model, Premia IBX, will be offered with a nominal monthly fee, so as to help brokers to a 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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