BSE EBIX Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, has announced the beta launch of health insurance products on its platform. For this, BSE EBIX has tied up with Religare Health Insurance. According to a press release on the BSE website, through this launch, BSE EBIX will now be able to offer various health insurance products to its participants.

According the press release, “By the end of June 2020, BSE Ebix plans to enroll 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.

Ashishkumar Chauhan, MD & CEO, BSE 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.”

Current growth of
BSE EBIX insurer

BSE EBIX had beta launched its operations on February 7, 2020 where it offered private car and two-wheeler auto insurance. Currently, there are six general insurers on the BSE EBIX platform: Bajaj Allianz General Insurance, Bharti Axa General Insurance, Future Generali India Insurance, HDFC ERGO General Insurance, Reliance General Insurance, and SBI General Insurance.

“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,” the press release stated.

EBIX Group Chairman, President and CEO 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.” He further said, “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.”

Future plans

BSE EBIX further plans to offer a full bouquet of insurance products. It plans to venture into insurance offerings for commercial vehicles like trucks, tractor, auto, taxi and commercial products like fire insurance, liability insurance and shopkeeper insurance.

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