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Ebix to deploy multi-quoting STP exchange solution in Brazil

Ebix Latin America has executed a contract with Syndicate of Insurance Brokers of the State of Sao Paulo (SINCOR-SP) to implement and deploy a multi-quote exchange solution for auto insurance.

Around 40% of nearly 70,000 brokers in Brazil operate in the state of Sao Paulo and are associated to SINCOR-SP.

The first initiative sponsored by SINCOR in Brazil, multi-quote solution aims to promote a New Business Exchange Hub, connecting both insurance brokers and carriers.

As part of the terms of the agreement, Ebix will initially process and host the complete new business process for auto insurance, subsequently adding other products and lines of business such as Life, Annuities and P&C.

During an event held between June 28 and June 30, more than 600 brokers enrolled to use the solution as soon as it goes live in the market, which is planned for October 2013.

With more than 30 offices across Brazil, Singapore, Australia, the US, New Zealand, India and Canada, Ebix powers multiple exchanges in the fields of life, annuity, health and property & casualty insurance across the globe.