BSE Ebix is a joint venture between Indian stock exchange firm BSE and Ebix Fincorp Exchange, a fully-owned subsidiary of global insurance exchange Ebix

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BSE EBIX rolls out life insurance products on its platform. (Credit: Edar from Pixabay)

BSE Ebix Insurance Broking has announced the launch of life insurance products on its insurance distribution platform by enrolling two Indian life insurers Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance.

The company is a joint venture formed in 2017 between Indian stock exchange firm BSE and Ebix Fincorp Exchange, a fully-owned subsidiary of global insurance exchange Ebix.

Ebix Group chairman, president and CEO Robin Raina 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.”

Through the beta launch of life insurance solutions, BSE Ebix is said to have gained the ability to manage insurance sales in the three main insurance verticals of life, health, and auto insurance. The insurance distribution network uses its own digital presence along with the “phygital” pan India physical footprint of its point of sale persons (POSPs) for its insurance sales.

According to the company, the roll-out of life insurance products is an important development from its perspective as life insurance is usually considered to be among the fastest-growing insurance segments in India.

With its technology, BSE Ebix claims to empower its PoSPs to offer some of the best insurance products while giving comfort to the end-users by physically transacting at the speed of digital technology. This is said to give a huge scope to build its life insurance portfolio, said the company.

BSE CEO comments on the life insurance products launch on BSE Ebix

BSE MD and CEO Ashishkumar Chauhan said: “Launch of life insurance on BSE Ebix Platform further strengthens our offerings in the insurance segment. We have chosen these two Life Insurance Companies for its brand and world class service in settlement of claim in private sector Insurance.”

For providing a full bouquet of insurance in the future, BSE Ebix said that it is looking to offer other insurance products for commercial vehicles, commercial products such as fire, shopkeeper insurance, and liability, and other personal lines of business.

The company also intends to add more insurance firms in each insurance vertical in the near future.