The joint venture between Bombay Stock Exchange (BSE) and Ebix has received in principle approval from the insurance regulator for insurance distribution.
"The venture, branded as BSE-Ebix Broking Insurance Broking Pvt. Ltd., will enable distribution outlets, wealth management advisors, Points of Sale (POS) to sell life and non-life insurance product", said the company in a release.
The actual insurance distribution of BSE-Ebix will commence after receipt of certificate of license from Insurance Regulatory and Development Authority of India (IRDAI).
"We have realized that there is 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 & EbixCash.”, said Ashishkumar Chauhan, MD & CEO, BSE.
The joint venture will make use of the reach of both BSE and EbixCash, which spans over 300,000 outlets across the country. It will 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 company 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", said Ebix Group Chairman, President and CEO Robin Raina.