BSE EBIX and LIC join hands for distribution of insurance products
BSE Ebix Insurance Broking, a joint venture between BSE and Ebix Singapore, has signed an agreement to distribute Life Insurance Corporation (LIC) products through its digital platform. This collaboration aims to enhance insurance accessibility across India. EbixCash is seeking IRDA approval to transfer ownership of BSE EBIX to EbixCash Limited. The initiative is expected to boost BSE EBIX's life insurance portfolio, leveraging a phygital strategy that combines physical and digital distribution for effective service delivery.
- BSE EBIX partnered with LIC to offer a range of life and health insurance products.
- The initiative aims to enhance insurance accessibility in India through a robust digital platform.
- BSE EBIX is utilizing a 'Phygital' approach, combining physical and digital distribution methods.
- Over 10,500 Point of Sale Persons (PoSPs) registered, with 4,677 certified for business.
- IRDA approval for ownership transfer is pending, which may delay strategic initiatives.
NOIDA, India and JOHNS CREEK, Ga., Feb. 17, 2022 (GLOBE NEWSWIRE) -- BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Singapore Pte Ltd., announced the signing of Insurance Broker Agreement for distribution of Life Insurance Corporation (LIC) products on its state-of-the-art hi-tech platform. Under this agreement, BSE EBIX will offer their clients insurance products offered by LIC such as Life and Health, using its omni-channel digital presence. This partnership of two like-minded organizations aims at offering customer centric solutions backed by technological innovations and best in class services.
EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is in the process of seeking IRDA approval to transfer its share ownership in BSE EBIX from its parent Ebix Singapore Pte Ltd. to EbixCash Limited.
Insurance is an important risk mitigating tool which protects the economic interests of individuals and organizations. BSE EBIX aim is to reach out to every citizen of India and provide insurance solutions to serve customers spread across the country, and ensure they are secured and protected. The launch of LIC products by BSE EBIX is a major development from the Company’s perspective since Life insurance is traditionally one of the fastest growing insurance segments in the country.
Mr. Ashishkumar Chauhan, MD & CEO-BSE, said “At BSE EBIX, our objective is to reach out to every citizen of the country and provide insurance solutions as per their needs. Our partnership with LIC not only aims at providing relevant insurance products but will also provide best-in-class services to their customers through our unique digital initiatives. Further enriching the client experience, BSE EBIX's digital capabilities support servicing and help our clients select relevant policies.”
BSE EBIX’s strategy is to have an unrivalled ‘Phygital’ pan India reach by combining the physical presence of tens of thousands of PoSPs with an omnichannel digital channel, thereby allowing its PoSPs to have access to extensive real-time quotes from insurance companies and to complete the entire transaction online on behalf of their customers. Through its technology, BSE EBIX empowers PoSPs to deliver best of the Insurance products and provide comfort to the end customers by transacting physically at the speed of digital technology. This presents a huge opportunity for BSE EBIX to build its Life insurance portfolio.
BSE EBIX had beta launched its operations on February 7, 2020, with the offering of private car and two-wheeler auto insurance. The company aims 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. Currently, there are seven General Insurance companies in Motor, five Health Insurance Companies for Health Products and three Life Insurance Companies for Life Products on the BSE EBIX platform. Besides, we also issue Policies through offline mode with two more Insurance Companies. As on date, BSE EBIX has registered over 10,500 Point of Sale Persons (PoSPs) out of which 4,677 are certified and ready to do business through BSE EBIX Portal.
About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
About EbixCash
EbixCash is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid and gift cards, utility payments and software solutions for lending, wealth management, bus exchanges and insurance in India and other markets. EbixCash’s "Phygital” strategy combines over 320,000 physical distribution outlets in India and ASEAN countries with an Omni-channel online digital platform. EbixCash ’s Forex operations have a leadership position in India with operations in 20 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, conducting over
About Ebix, Inc.
With 150+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix develops and deploys a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
The Company’s EbixCash Financial exchange subsidiary is a leader in domestic and international money remittance, foreign exchange (Forex), travel, pre-paid/gift cards, utility payments, software solutions for lending, wealth management, bus exchanges and insurance in India and other international markets. Ebix and its subsidiaries employ thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
CONTACT:
BSE -
Yatin Padia / Rahul Vyas/ Mihir Dani
022 2272 8516 / 2272 8472/ 77380 12080
Yatin.padia@bseindia.com / Rahul.vyas@indiainx.com / Mihir.dani@adfactorspr.com
EbixCash/Ebix -
Satish Sapru
+91 99990 13426 or satish.sapru@Ebix.com
Belinda Dokras, Perfect Relations
+91 9820284220 or bdokras@perfectrelations.com
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