BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Singapore Pte Ltd., announced the signing of Insurance Broker Agreement for distribution of Life Insurance Corporation (LIC) products on its platform.
Under this agreement, BSE EBIX will offer their clients insurance products offered by LIC such as life and health, using its omni-channel digital presence.
This partnership of two like-minded organizations aims at offering customer centric solutions backed by technological innovations and best in class services.
EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is in the process of seeking IRDA approval to transfer its share ownership in BSE EBIX from its parent Ebix Singapore Pte Ltd. to EbixCash Limited.
Insurance is an important risk mitigating tool which protects the economic interests of individuals and organizations. BSE EBIX aim is to reach out to every citizen of India and provide insurance solutions to serve customers spread across the country, and ensure they are secured and protected.
The launch of LIC 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.
Ashishkumar Chauhan, MD & CEO-BSE, said: “At BSE EBIX, our objective is to reach out to every citizen of the country and provide insurance solutions as per their needs. Our partnership with LIC not only aims at providing relevant insurance products but will also provide best-in-class services to their customers through our unique digital initiatives. Further enriching the client experience, BSE EBIX’s digital capabilities support servicing and help our clients select relevant policies.”
BSE EBIX’s strategy is to have an unrivalled ‘Phygital’ pan India reach by combining the physical presence of tens of thousands of PoSPs with an omnichannel digital channel, thereby allowing its PoSPs to have access to extensive real-time quotes from insurance companies and to complete the entire transaction online on behalf of their customers.
Through its technology, BSE EBIX empowers PoSPs to deliver best of the Insurance products and provide comfort to the end customers by transacting physically at the speed of digital technology. This presents a huge opportunity for BSE EBIX to build its Life insurance portfolio.
BSE EBIX had beta launched its operations on February 7, 2020, with the offering of private car and two-wheeler auto insurance. The company aims 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.
Currently, there are seven general insurance companies in motor, five health insurance companies for health products and three life insurance companies for life products on the BSE EBIX platform.