BSE-Ebix joint venture receives Irdai approval to act as insurance broker

A joint venture between the BSE and US-based insurance exchange Ebix has received in-principle approval from insurance regulator Irdai to act as a direct insurance broker, the exchange said on Tuesday.

The venture, branded as BSE-Ebix Insurance Broking Pvt Ltd, will enable distribution outlets, wealth management advisors and point of sales to sell life and non-life insurance products.

"We have realised that there is huge demand for investment products, and our platforms like BSE StAR MF are performing well. We expect to taste similar success in the insurance distribution segment and help insurers expand their network through the combined reach of BSE & EbixCash," Ashishkumar Chauhan, managing director and chief executive officer of BSE, said.

The venture will make use of the reach of both the BSE and EbixCash and shall 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, the exchange said.

The actual insurance distribution of BSE-Ebix will commence after receipt of certificate of licence from Irdai, it added.