NOIDA, India and JOHNS CREEK, Georgia, 17 Feb. 12, 2022 (GLOBE NEWSWIRE) — BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Singapore Pte Ltd., announced the signing of an insurance brokerage agreement for the distribution of Life Insurance Corporation (LIC) Products on its state-of-the-art high-tech platform. As part of this agreement, BSE EBIX will offer its customers insurance products offered by LIC such as Life and Health, using its omnichannel digital presence. This partnership between two like-minded organizations aims to deliver customer-centric solutions backed by technology innovations and best-in-class services.
EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is in the process of obtaining IRDA approval to transfer its stake in BSE EBIX from its parent company Ebix Singapore Pte Ltd. to EbixCash Limited.
Insurance is an important risk mitigation tool that protects the economic interests of individuals and organizations. The aim of BSE EBIX is to reach all citizens of India and provide insurance solutions to serve customers spread across the country, and ensure that they are secure and protected. The launch of LIC products by BSE EBIX is a major development from the Company’s perspective as life insurance has traditionally been one of the fastest growing insurance segments in the country.
Mr. Ashishkumar Chauhan, MD & CEO-BSE, said, “At BSE EBIX, our goal is to reach every citizen of the country and provide insurance solutions tailored to their needs. Our partnership with LIC aims not only to provide relevant insurance products, but also to provide best-in-class services to their customers through our unique digital initiatives. Further enriching the customer experience, BSE EBIX’s digital capabilities support the service and help our customers select relevant fonts.
BSE EBIX’s strategy is to have unparalleled pan-Indian “phygital” reach by combining the physical presence of tens of thousands of outlets with an omnichannel digital channel, thereby enabling its outlets to have access to many real-time quotes from insurance companies and complete the entire transaction online on behalf of their clients. Through its technology, BSE EBIX enables PoSPs to deliver the best of insurance products and provide convenience to end customers by performing physical transactions at the speed of digital technology. This represents a huge opportunity for BSE EBIX to grow its life insurance portfolio.
BSE EBIX launched its operations in beta version on February 7, 2020, with the car insurance offer for individuals and two-wheelers. The company aims to not only revolutionize the purchase of insurance from a consumer perspective, but also to enable insurers to distribute insurance products in a highly efficient manner, while automating and seamlessly integrating processes complex back-ends with the front-end distribution. Currently, there are seven general automobile insurance companies, five health insurance companies for health products, and three life insurance companies for life products on the BSE EBIX platform. Additionally, we also issue policies offline with two other insurance companies. To date, BSE EBIX has registered over 10,500 points of sale (PoSP), of which 4,677 are certified and ready to do business through the BSE EBIX portal.
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first stock exchange and now the fastest in the world with a speed of 6 microseconds. BSE is India’s leading stock exchange group and has played a leading role in the development of the Indian capital market. BSE is an incorporated and demutualized entity, with a broad shareholder base which includes the world’s leading stock exchange – Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent marketplace for trading in equities, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a platform dedicated to trading shares of small and medium-sized enterprises (SMEs) which is very successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is the largest mutual fund distribution infrastructure in India. On October 1, 2018, BSE launched derivatives trading in gold, silver, copper, Oman crude oil, guar gum, guar seeds and turmeric.
BSE provides a host of other services to capital market participants, including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nationwide presence. BSE’s systems and processes are designed to preserve market integrity, drive growth in the Indian capital market, and drive innovation and competition in all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty for all trades executed on the BSE trading platform and provides full novation, guaranteeing settlement of all bona fide trades executed. BSE Institute Ltd, another wholly owned subsidiary of BSE, operates one of the most respected financial markets education institutes in the country. Central Depository Services Ltd. (CDSL), an associate company of BSE, is one of the two custodians in India.
BSE set up an Investor Protection Fund (IPF) on July 10, 1986 to respond to claims by investors against defaulting members, in accordance with guidelines issued by the Ministry of Finance, Government of India. The BSE Investor Protection Fund is responsible for educating the investor community in India about capital markets.
EbixCash is a leader in domestic and international money transfers, foreign exchange (Forex), travel, prepaid and gift cards, utility payments and software solutions for loans, wealth management, currency exchanges. buses and insurance in India and other markets. EbixCash’s “Phygital” strategy combines over 320,000 physical distribution points in India and ASEAN countries with an omnichannel online digital platform. EbixCash’s Forex operations hold a leading position in India with operations in 20 international airports, including Delhi, Mumbai, Hyderabad, Chennai and Kolkata, achieving over $4.8 billion in gross transaction value annually (before COVID-19).EbixCash’s inbound remittance business is the undisputed market leader in India, processing approximately $5 billion in gross annual transfer volume (before COVID-19) through its travel portfolio of Via and Mercury, EbixCash is also one of Southeast Asia’s leading travel exchanges with over 200,000 agents, 25 branches and over 9,800 corporate clients, processing an estimated gross value of $2.5 billion. dollars per year (pre-COVID-19). For more information, visit the Company’s website at www.ebixcash.com
About Ebix, Inc.
With more than 150 offices on 6 continents, Ebix, Inc., (NASDAQ: EBIX) strives to provide on-demand software and e-commerce services to the insurance, finance, healthcare and of online learning. In the insurance industry, Ebix develops and deploys a wide variety of on-demand insurance and reinsurance exchanges, while providing Software-as-a-Service (“SaaS”) enterprise solutions in the CRM domain, front-end & back-end systems, outsourced administration and risk compliance services, worldwide.
The Company’s financial exchange subsidiary EbixCash is a leader in domestic and international money transfers, foreign exchange (Forex), travel, prepaid/gift cards, utility payments, lending software solutions, wealth management, bus exchanges and insurance in India and other countries. international markets. Ebix and its subsidiaries employ thousands of domain-specific technology professionals to provide products, support and advice to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
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