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February 18, 2022

BSE EBIX reaches agreement to distribute LIC products

BSE Ebix Insurance Broking has struck an agreement to distribute offerings of Life Insurance Corporation (LIC), including Life and Health, on its platform.

A joint venture between BSE and Ebix Singapore, BSE EBIX beta launched its operations on 7 February 2020 with private car and two-wheeler auto insurance proposition.

At present, the BSE EBIX platform includes three life insurance firms for life products, five health insurance firms for health products, as well as seven general insurance firms in motor.

The insurance broker agreement with LIC is said to be a ‘major development’ for BSE EBIX, considering the fast growth of life insurance in India.

Ebix unit EbixCash is in the process of looking for IRDA nod to transfer its share ownership in BSE EBIX from its parent Ebix Singapore to EbixCash.

BSE EBIX eyes a ‘phygital’ presence across the country through PoSPs and an omnichannel digital channel.

This will help its PoSPs gain access to real-time quotes from insurers and complete transactions online on behalf of their customers.

“Through its technology, BSE EBIX empowers PoSPs to deliver best of the 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,” Ebix said.

BSE MD and CEO Ashishkumar Chauhan said: “Our partnership with LIC not only aims at providing relevant insurance products but will also provide best-in-class services to their customers through our unique digital initiatives.

“Further enriching the client experience, BSE EBIX’s digital capabilities support servicing and help our clients select relevant policies.”

In 2020, Universal Sompo General Insurance Company joined forces with BSE Ebix to sell general insurance products. 

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