Mumbai, Dec 15 (FN Bureau) BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Private Limited, on Tuesday announced the beta launch of term Insurance of ICICI Prudential Life Insurance Co Ltd, on its state-of-the-art hi-tech platform. With this launch, BSE Ebix now has the ability to handle insurance sales across both Term and Endowment policy in Life Insurance segment using its omnichannel digital presence supplemented by the ‘Phygital’ pan India physical presence of BSE Ebix’s thousands of Point of Sale Persons (POSPs).
The launch of life insurance 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. 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 the best of 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. In order to offer a full bouquet of insurance to meet the diverse needs of the end customer, BSE Ebix also plans to offer other insurance products for Commercial Vehicles like Trucks, Tractor, Auto, Taxi; Commercial Products like fire, liability, shopkeeper insurance; and other Personal lines of business like home, personal accident and travel insurance. BSE Ebix also plans to add many more insurance companies in each insurance vertical in the coming days and months, while ensuring that their integration with BSE Ebix is state-of-the-art for each vertical. BSE Ebix had beta launched its operations on February 7, 2020, with the offering of private car and two-wheeler auto insurance. Speaking on the occasion, MD and CEO of BSE Ashishkumar Chauhan said, ”Launch of term Insurance on BSE Ebix Platform further strengthens our offerings in the insurance segment.
We have chosen ICICI Prudential Life Insurance for its brand and world class service as the first offering in this segment. ”We are expanding our Product offerings and are now present in Private car, Two-wheeler, Health, Travel, Endowment and Term. ”We are also doing Employee benefits and other Commercial Products. BSE wants to leverage its world-class technology, unparalleled understanding of financial services distribution network, expertise in transaction processing and risk management in insurance distribution,” added Mr Chauhan. Ebix Group Chairman, President and CEO Robin Raina said, ”With this launch, we have integrated 12 Insurance Companies with the BSE Ebix platform, while continuing to enhance product portfolio for our Partners and Customers. ”While expanding our product offerings, we have also entered sports insurance by issuing policy of one of the IPL Franchise in Cricket. Indeed, the combined reach of the BSE and EbixCash network in India is unparalleled,” added the Ebix Group CEO. According to Mr Raina, ”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 the entities involved. ”Through this venture, our goal is to revolutionise not only buying of insurance from a consumer perspective, but also enable the insurers to distribute insurance products in a highly efficient manner, while automating and integrating complex back-end processes seamlessly, with front-end distribution,” he said. ”BSE Ebix intends to introduce a broad sachet of Products in collaboration with Insurance Companies, while enabling its partners to sell custom products to address the varying needs of the end clients,” he added.