BSE EBIX Insurance Broking has announced the beta launch of health insurance products on its platform by forming a patnership with Religare Health Insurance. BSE EBIX Insurance Broking which is a joint venture of Bombay Stock Exchange (BSE) and Ebix Fincorp Exchange aims to offer various Health Insurance Products to its Participants.
BSE EBIX Insurance Broking has issued a press release on its official website in which it said, “By the end of June 2020, BSE Ebix plans to enrol Religare Health Insurance Company Ltd, Aditya Birla Health Insurance Co Ltd, Star Health & Allied Insurance Co Ltd in Health products and Aditya Birla Sun Life Insurance Co Ltd, Bajaj Allianz Life Insurance Co Ltd and ICICI Prudential Life Insurance Co Ltd. in Life insurance products on BSE Ebix platform”.
BSE EBIX through its press release further said, “Since the commencement of beta launch, the BSE Ebix Insurance Distribution Platform has been growing 100% month on month in premium collected. It has registered 6396 Point of Sale Persons (PoSPs) out of which 2779 are certified and ready to do business”.
BSE’s Managing Director and CEO, Ashish Kumar Chauhan said, “Launch of health insurance strengthens our offerings in the insurance distribution segment. BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. It will also help insurers expand their customer base through the combined reach of BSE & Ebix”.
Chairman, President and CEO of Ebix Group, Robin Raina said, “Our target is to have 10,000 of PoSPs registered by the end of 2020. We are focused on the need to take insurance distribution to every nook and corner of India, in a manner that benefits all 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”.
On February 7, this year BSE EBIX had beta launched its operation through which it offered insurance for private cars and two-wheeler autos. Presently, there are six general insurers on its platform, they are Bajaj Allianz General Insurance, Bharti Axa General Insurance, Future Generali India Insurance, HDFC ERGO General Insurance, Reliance General Insurance, and State Bank of India General Insurance.
BSE Ebix is planning to offer a full bouquet of insurance products and to venture into insurance offerings for commercial vehicles like trucks, tractor, taxi and auto and commercial products such as liability insurance, shopkeeper insurance, etc.