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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