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July 13, 2020

BSE Ebix rolls out life insurance on its hi-tech platform

By Verdict Staff

BSE Ebix Insurance Broking Private, a joint venture of BSE and EbixFincorp Exchange, has rolled out life insurance on its hi-tech platform.

The move is in partnership with Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance.

BSE Ebix will now handle insurance sales across Life, Health and Auto insurance using its omnichannel digital presence supplemented by the Phygital pan India presence of BSE Ebix’s thousands of Point of sale Persons (POSPs).

The company intends to have an ‘unrivalled Phygital pan India reach’ by combining the physical presence of its PoSPs with an omnichannel digital channel.

This is expected to provide itsPoSPswith access to extensive real-time quotes from insurance companies and to complete the entire transaction online on behalf of their customers.

Furthermore, BSE Ebix also plans to introduce insurance products for commercial vehicles such as trucks, tractor, auto, taxi and commercial products like fire, liability, shopkeeper insurance.

This also includes personal lines of business like home, personal accident, and travel Insurance.

BSE Ebix had beta launched its operations on 7 February 2020 with the offering of private car and two-wheeler auto insurance.  At present, there are six general insurance companies and one standalone health insurer on the BSE Ebix platform.

BSEMD & CEOAshishkumar 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.

“BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. We have experienced success in beta mode of insurance distribution, and we expect to taste similar success in our journey going forward as well.”

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