BSE Ebix to build life insurance portfolio
BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, announced the beta launch of life insurance on its platform by enrolling Aditya Birla Sun Life Insurance and Bajaj Allianz Life . With this launch, BSE Ebix, a venture of BSE and a subsidiary of Ebix , has the ability to handle insurance sales across the three key insurance verticals of Life, Health and Auto insurance.
BSE Ebix also plans to offer other personal and commercial insurance products.
BSE Ebix had beta launched its operations on February 7, 2020, with the offering of a private car and two-wheeler auto insurance. Currently, there are six General Insurance companies and one standalone Health Insurer on the BSE Ebix platform. As on date, BSE Ebix has registered 7,284 Point of Sale Persons (PoSPs) out of which 3,299 are certified and ready to do business. Since the commencement of the beta launch, the BSE Ebix Insurance has been growing over100% month on month in terms of premiums.
“Launch of life insurance on BSE Ebix Platform further strengthens our offerings in the insurance segment. We have chosen these two Life Insurance Companies for its brand and world class service in settlement of claim in private sector Insurance. BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. We have experienced success in beta mode of insurance distribution, and we expect to taste similar success in our journey going forward as well. It will also help insurers expand their customer base through the combined reach of BSE & Ebix.” – Ashishkumar Chauhan, MD & CEO, BSE.
“With this launch, we have integrated nine Insurance Companies with the BSE Ebix platform, while continuing to enhance our product portfolio for our Partners and Customers. The combined reach of the BSE and EbixCash network in India is unparalleled. The opportunity ahead of the joint venture is gigantic, considering the need to take insurance distribution to every nook and corner of India, in a manner that benefits all the entities involved. Through this venture, our goal is to revolutionize not only buying of insurance from a consumer perspective but also enable insurers to distribute insurance products in a highly efficient manner, while automating and integrating complex back-end processes seamlessly with front end distribution. BSE Ebix intends to introduce a broad sachet of Products in collaboration with Insurance Companies and while enabling its partners to sell custom products to address the varying needs of the end clients.” – Ebix Group Chairman, President and CEO Robin Raina.