Sep 7: Ebix’s ItzCash, a leading financial exchange, has entered into a strategic agreement with India’s third largest non-life insurance provider in the private sector, HDFC ERGO to offer general insurance product on its ‘PHYGITAL’ platform.
With Ebix’s dominance as the world’s largest insurance exchange, this association will further strengthen ItzCash’s position in the financial exchange market.
The partnership inked will offer a wide range of general insurance policies, providing protection for a range of insurance needs including health, motor, fire and auto. All these products will be easily available and accessible to customers through ItzCash’s extensive distribution network across the country.
Under the arrangement, the entire process right from filing an application to making the payment will be executed digitally through ItzCash’s network thus eradicating the possibilities of human error and other delays to offer customer service on a real-time basis. The partnership will also provide the customers with the convenience to pay premium at the nearest ItzCash outlet.
The initiative by ItzCash precisely serves the national agenda of ‘financial inclusion’ as it enhances the reach of HDFC ERGO to the tier II/tier III towns and cities through its nationwide franchise network. The company which has a retail presence of more than 75,000 franchisees branded as “ItzCash World” across 3000-plus cities and towns is planning to ramp it up to 1,00,000 touch points this fiscal.
Ravi Singh, Chief Business Officer, ItzCash, said, “Being the pioneer and the country’s leading financial exchange, Ebix’s ItzCash enjoys the trust of millions of its customers. With the onus of brand trust and an unbeatable retail reach through the country, we are well geared to redefine the insurance experience. We are proud to partner with HDFC ERGO wherein besides leveraging technology our association very aptly serves our honourable PM’s national agenda of ‘financial inclusion’ while on-boarding our customers digitally.”
Anuj Tyagi, Executive Director, HDFC ERGO General Insurance Company said, “We are thrilled to associate with a growing organisation like ItzCash, who offer unique solutions to customers. Their proven business operations allow us to collaborate and expand our reach by offering health, home and fire insurance to a wider audience across the country through the company’s digital platform.”He further added, “We see immense opportunity in this association and firmly believe that ItzCash clients will gain a great deal from the bouquet of our products.”