Indian bourse BSE has received in-principle approval from the insurance regulator IRDA to act as a direct insurance broker in partnership with Ebix.

Branded as BSE-Ebix Broking Insurance Broking, the entity will allow distribution outlets, wealth management advisors, point of sales (POSs) to sell life and non-life insurance plans.

The stock exchange said that the new venture will commence actual insurance distribution after it receive certificate of license from the regulator.

Commenting on the development, BSE MD and CEO Ashishkumar Chauhan said, “BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution.

“We have realised that there is huge demand for investment products, and our platforms like BSE StAR MF are performing very well. 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 new venture will focus on bring insurance products to rural India. It will leverage the reach of both BSE and EbixCash, which spans more than 300,000 outlets across the country.

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BSE-Ebix Broking Insurance Broking will cover the complete insurance lifecycle including agency management, multi-quoting, underwriting, policy creation, claims filing and settlement to back-end insurance policy administration.

Ebix Group chairman, president and CEO Robin Raina said: “The combined reach of the BSE and EbixCash network in India is unparalleled. 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.

“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.”

EbixCash is the Indian subsidiary of Ebix that currently transacts $18bn in Gross merchandise value (GMV) on its platforms.