JOHNS CREEK, Ga., Oct. 31, 2019 (GLOBE NEWSWIRE) — EbixCash, the Indian subsidiary of Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that State Bank of India General Insurance (SBIG) has successfully launched its Channel Management System (CMS) Exchange service. Also known as Producer Support System, it administers the end-to-end automation of key insurance functions such as Onboarding Partners, Hierarchy and Compensation Management.
EbixCash is a subsidiary of Ebix, Inc. (NASDAQ:EBIX) that today transacts $18 Billion in Gross merchandise value (GMV) on its platforms, besides being an end-to-end services market leader in the financial exchange industry.
Rikhil Shah, CFO, SBI General Insurance said, “SBIG has been making consistent developments to meet changing customer needs and regulatory requirements while keeping growth in focus. EbixCash carried out this implementation to help us reach this key milestone of successfully automating our payout processing. This straight through processing system will not only make us more efficient but also help us revolutionize our compensation and distribution functions.”
CMS will help SBIG surpass their business partner’s expectations of providing them data in most efficient way along with flexibility to adapt to the vast and burgeoning market in India. The solution allows companies like SBIG to manage their distribution onboarding effectively and embrace change, to overcome limitations posed by the manual systems. It helps both the in-house and the on-field teams significantly to manage their relationships and distribution model.
Milan Ganatra, Managing Director of EbixCash’s Financial Technologies Division said, “This implementation is a clear demonstration of the scalability of the EbixCash’s Exchange platform in India’s dynamic, but strict, regulatory environment. Our understanding of business conditions and individual client needs has helped us serve customers across the globe. We are now focusing on bringing the breadth of our global capabilities to the India Insurance Market”.
“EbixCash, with its global insurance experience, was both assiduous and consistent in responding to the demands of SBIG,” said Mr. Shah. He added, “The EbixCash team supported us well through this phase of transformation and growth with their expertise in business and technology. ”
About SBI General Insurance
SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between State Bank of India and Insurance Australia Group (IAG).
SBI General Insurance has established its presence in nearly 24,000 branches of State Bank Group. The company’s current geographical exposure covers 110+ cities pan India with a presence of another 350+ locations through satellite resources. SBI General Insurance is currently serving three key customer segments i.e. Retail Segment (catering to Individual & Families), Corporate Segment (catering mid to large size companies) and SME Segment.
The company offers a complete suite of products ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering, Liability & Cyber Defense Insurance in the commercial space.
SBI General Insurance follows a robust multi-distribution model encompassing Bancassurance, Agency, Broking and Retail Direct Channels. Today, SBI General’s Distribution family includes over 21,000 IRDA certified employees including the State Bank Group employees, and over 10,000 Agents to make insurance easily available even in the remote areas of the country.
SBI General Insurance closed the financial year 2018-19 with a Gross Written Premium of Rs. 4,717 crore at a YoY growth of 33%.
About EbixCash
EbixCash is the Indian subsidiary of Ebix, Inc. (NASDAQ:EBIX), that powers multiple exchanges across the world in the field of life, annuity, health and property & casualty insurance while conducting in excess of $100 billion in insurance premiums on its platforms. To deploy and service its various SaaS-based software platforms, EbixCash’s Financial Technologies Division today employs thousands of insurance and technology professionals in India to provide products, support and consultancy to thousands of customers on six continents.
With a “Phygital” strategy that combines 320,000 physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata, conducting over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approx. $6.5 billion gross annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges with over 2,200+ employees, 212,450+ agent network, 25 branches and over 9,800 corporate clients; processing an estimated $2.5 billion in gross merchandise value per year. For more information, visit the Company’s website at www.ebix.com
Contact:
Darren Joseph
[email protected] or +1 678 281 2027
David Collins or Chris Eddy
Catalyst Global + 1 212-924-9800 or [email protected]
