After Auto Insurance, BSE EBIX Beta Launches Health Insurance on its On-Demand Hi-Tech Platform
Mumbai, June 2, 2020: BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd., today 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. Through this launch, BSE Ebix will be able to offer various health insurance products to its participants.
BSE Ebix, a high tech venture of BSE and a subsidiary of Ebix Inc. (NASDAQ: EBIX), 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 terms of 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.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service ("SaaS") enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
With a "Phygital” strategy that combines physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata. These Forex operations conduct over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approximately $5 billion gross in annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges, with over 2,200+ employees, a 212,450+ agent network, 25 branches and over 9,800 corporate clients. The EbixCash travel business processes an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, and travel technology in India and has grown its international expanse to Europe, Middle East, Africa and other ASEAN countries.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
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