State Bank of India General Insurance Launches its Channel Management System (CMS) Exchange Service

EbixCash, the Indian subsidiary of Ebix, Inc. (NASDAQ: EBIX), is popularly known for being supplier of on-demand software as well as e-services to the financial, e-learning, insurance, and healthcare industries. EbixCash, which transacts $18 Bn in GMV (Gross Merchandise Value) on its platforms today, apart from leading the market in end-to-end services in the financial exchange industry, recently announced the launch of its Channel Management System (CMS) Exchange Service by State Bank of India General Insurance (SBIGI). This will allow total automation of all the key insurance areas such as Compensation Management, Onboarding Partners and Hierarchy.

According to SBIG's CFO, Rikhil Shah, SBIG has been making continuous endeavor to keep in pace with the changing customer demand and regulatory terms keeping the growth in focus. This innovation of EbixCash will help them reach this milestone with the help of payout processing automation. This automation will help them revolutionize their distribution and compensation functions.

With the help of CMS, the general insurer will fulfil their business partner’s belief of offering the data in the best possible way that is efficient, that too with the flexibility to make it suitable for the vast Indian market. The solution will help companies similar to SBIG to employ their distribution channel effectively and will welcome the innovation to get over with the challenges posed by the manual systems. It will help with both in-house and field teams to effectively manage their distribution and relationship model efficiently.

The MD of EbixCash’s Financial Technologies Division, Milan Ganatra stated, “This implementation is a clear demonstration of the scalability of the EbixCash’s Exchange platform in India’s dynamic, but the 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”.

Mr. Shah further added that EbixCash with its global business experience fully understood the needs and demands of SBIG. It supported SBIG with its expertise in both its transformation and growth.