New Delhi: 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 by using its omnichannel digital presence supplemented by the ‘phygital’ pan-India physical presence of BSE Ebix’s thousands of point of sale persons.
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.
New business premiums in life insurance in the country amount nearly Rs 2 lakh crore with three crore policies being written annually. The life insurance segment has been growing at a CAGR of 10 per cent annually.
As per industry analysts, this growth is expected to continue for the next many years.
Speaking on the occasion, Mr. Ashishkumar Chauhan, MD & CEO, BSE said, “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.”
Ebix Group Chairman, President and CEO Robin Raina said, “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.”
