MUMBAI: BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd., announced the beta launch of health insurance on its state-of-the-art hi-tech platform by enrolling Religare Health Insurance Company Ltd, India’s leading standalone health insurer.
BSE Ebix had beta launched its operations on February 7, 2020 with the offering of private car and two-wheeler auto insurance. Currently, there are six General Insurance companies on BSE Ebix platform namely Bajaj Allianz General Insurance Co Ltd, Bharti Axa General Insurance Co Ltd, Future Generali India Insurance Co Ltd, HDFC ERGO General Insurance Co Ltd, Reliance General Insurance Co Ltd and SBI General Insurance Co Ltd.
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 Ebix’s strategy is to have an unrivalled ‘Phygital’ presence pan India by combining physical presence of PoSPs with an omnichannel digital channel thereby allowing its PoSPs to have access to extensive real-time quotes from insurance companies and complete entire transaction online on behalf of their customers. Through its technology, BSE Ebix empowers PoSPs to deliver best of the Insurance products and also gives comfort to customers by transacting physically with the speed of digital technology.
Speaking on the occasion, Mr. 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. We have experienced success in beta mode of insurance distribution and we expect to taste similar success in our journey going forward as well. It will also help insurers expand their customer base through the combined reach of BSE & Ebix.”
Ebix Group Chairman, President and CEO Robin Raina said, “The combined reach of the BSE and EbixCash network in India is unparalleled. The opportunity ahead of the joint venture is gigantic, with our target of having tens of thousands 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.”
Satisfied with his experience of using BSE Ebix insurance distribution platform, one of the PoSPs Mr. Jimit Shethwala shared his comments “It has been hardly one month of taking the PoSP registration from BSE EBIX Insurance Broking Private Limited. For the first policy of motor vehicle that I did through BSE EBIX Insurance platform, I must say that I found the portal to be very user friendly and helpful. It promotes the ease of doing business. Within 15 days of taking the motor vehicle policy of my client, the need for claim arose. The claim process was very simple and online only. We got the claim amount on the 3rd day itself, thus making this business much more convenient and transparent from the customer and the insurance company perspective. Good platform to partner with.”
In order to offer full bouquet of insurance to its diverse customer needs, BSE Ebix also 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. 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.