The partnership will help Universal Sompo to sell its new Covid-19 short-term insurance policy in India through BSE Ebix’s network

Universal Sompo

Universal Sompo to sell Covid-19 policy in India. (Credit: Unsplash/Fusion Medical Animation.)

Universal Sompo General Insurance (Universal Sompo) has signed an agreement with BSE Ebix Insurance Broking (BSE Ebix) to sell general insurance products, particularly related to Covid-19 in India.

Universal Sompo is a joint venture between the Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment and Sompo Japan Insurance.

Leveraging BSE Ebix’s distribution network in a completely digitised environment, the partnership will sell General Insurance products.

BSE Ebix is a joint venture between Bombay Stock Exchange (BSE) and Ebix Fincorp Exchange’s subsidiary Ebix,

Universal Sompo has recently launched Corona Kavach cover, a short-term policy to support Covid-19-related hospitalization expenses through certified point of sales persons (PoSPs) of BSE Ebix, which has over 7,200 registered PoSPs.

Due to a sharp increase the number of Covid-19 cases in the country, the insurance regulator the Insurance Regulatory and Development Authority of India (IRDAI) has asked insurers to launch specific products to cover the treatment cost of coronavirus.

Universal Sompo to sell Corona Kavach policy through BSE Ebix’s network

The insurer’s Corona Kavach policy can be purchased by individuals or on family floater basis for a period of 3.5, 6.5 or 9.5 months.

Universal Sompo General Insurance managing director and CEO Sharad Mathur said: “We are rapidly increasing our distribution network and the collaboration with BSE Ebix shall prove to be a great achievement. We would be able to offer a bouquet of products ranging from Corona Kavach to Arogya Sanjeevani and variety of covers in due course of time through extensive and ever increasing PoSP network of BSE Ebix.

“The product offering is completely digitized to provide the best buying experience to our customers through the network of BSE Ebix.”

The policy offers different sums of insurance coverage including hospitalisation expenses related to Covid-19, which include ICU and ventilator charges at hospital and offers coverage for home care treatment expenses such as cost of pulse oximeter and oxygen cylinder, upon the advice of the medical practitioner.

It also includes cost of the PPE kit, gloves, mask and other similar expenses incurred during treatment of Covid-19.

BSE managing director and CEO Ashish kumar Chauhan said: “We welcome Universal Sompo on the BSE Ebix technology platform and with this addition, we would be able to offer most customer-suited insurance covers across the country.

“We look forward to integrating the entire range of products of Universal Sompo, which can be sold through our strong network of PoSPs to add value to our overall insurance products offering.”