BSE Ebix beta launches life insurance on its platform

BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, on Monday announced the beta launch of life insurance on its platform by enrolling Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance. With this launch, BSE Ebix now has the ability to handle insurance sales across the three key insurance verticals of life, health and auto insurance; using its omni-channel digital presence supplemented by the physical presence of BSE Ebix's thousands of point of sale persons (POSPs), the company said in a statement.

The launch of life insurance 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.

At present, the business sourcing in the life insurance segment in India is largely dominated by individual agents and the bank assurance channel. With the insurance brokers accounting for less than 2 per cent of the business in 2018-19, BSE Ebix with its technology and country wide expanse sees an opportunity to change this scenario in India.

In order to offer a full bouquet of insurance to meet the diverse needs of the end customer, BSE Ebix also plans to offer other insurance products for commercial vehicles like trucks, tractor, auto, taxi; commercial products like fire, liability, shopkeeper insurance; and other personal lines of business like home, personal accident, travel insurance.

BSE Ebix also plans to add many more insurance companies in each insurance vertical in coming days and months.

"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," said Ashishkumar Chauhan, MD and CEO, BSE.

BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution, he stated.

He, further, said the move will also help insurers expand their customer base through the combined reach of BSE and Ebix.

Ebix Group Chairman, President and CEO Robin Raina said, " Through this venture, our goal is to revolutionise 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 had beta launched its operations on February 7, 2020, with the offering of private car and two-wheeler auto insurance. SP ANS ANS