3i Infotech launches Insurance Broking Exchange

3i Infotech has launched an online Insurance Broking Exchange (IBX), which allows customers to request competitive quotes from Insurance brokers, and for brokers to request quotes from Insurance companies and do a comparitive analysis. Called Premia IBX, it is subscription based, and payment is according to usage.[Source: Moneycontrol.com]
I’m not sure of how many customers will actually look to buy insurance policies online. A majorty of the insurance policies in India are actually bought at the end of the fiscal year because of the related tax savings; even then, insurance brokers usually have to visit the customer, so unless they have wireless connectivity, this product might take some time to gain acceptance.

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