SBI General Insurance Goes Live with EbixCash’s Channel Management System Exchange Service
Mumbai – October 30, 2019: 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. ”