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The joint venture between Bombay Stock Exchange (BSE) and Ebix has received approval from India’s insurance regulator to distribute insurance products.
The company, known as BSE-Ebix Insurance Broking Pvt. Ltd has received in-principle approval from the Insurance Regulatory and Development Authority of India (IRDAI), Business Standard reported.
According to the report, BSE-Ebix will utilise distribution outlets, wealth management advisors, points of sale (POS) to distribute life and non-life insurance products, after it receives the formal certificate of licence from IRDAI.
“We have realized that there is huge demand for investment products, and our platforms like BSE StAR MF are performing very well,” said Ashishkumar Chauhan, managing director and CEO of BSE. “We expect to taste similar success in the insurance distribution segment and help insurers expand their network through the combined reach of BSE & EbixCash.”
The joint venture will cover the entire insurance life cycle from customer acquisition, to underwriting, to claims management, the company said.
“The combined reach of the BSE and EbixCash network in India is unparalleled,” said Ebix chairman Robin 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 entities involved.”
