Asia's oldest exchange BSE and its joint venture partner Ebix, the global leader in insurance exchanges, have received in-principle approval for a certificate of registration to act as a direct insurance broker under the IRDAI (Insurers Brokers) Regulations 2018.
The venture, branded as BSE-Ebix Broking Insurance Broking Pvt Ltd, will enable distribution outlets, wealth management advisors, point of sales (POSs) to sell life and non-life insurance products. The actual insurance distribution of BSE-Ebix will start after receipt of the certificate of licence from the Insurance Regulatory and Development Authority of India (IRDAI).
"BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution," said its Managing Director and CEO Ashishkumar Chauhan.
"We have realised that there is a huge demand for investment products, and our platforms like BSE StAR MF are performing very well. We expect to taste similar success in the insurance distribution segment and help insurers expand their network through the combined reach of BSE and EbixCash," he said in a statement on Tuesday.
EbixCash is the Indian subsidiary of Ebix Inc that transacts 18 billion dollars in gross merchandise value (GMV) on its platforms, besides being an end-to-end services market leader in the financial exchange industry.
Ebix Group Chairman, President and CEO Robin Raina said 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 entities involved, he 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," added Raina.
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The BSE-Ebix venture will make use of the reach of both BSE and EbixCash that spans over three lakh outlets across the country and cover the entire insurance lifecycle from customer relationship management, agency management, multi-quoting, underwriting, policy creation, claims filing to insurance company and coordinate with insurance company for settlement of claim and back-end insurance policy administration.
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