BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd., today announced the beta launch of term Insurance of ICICI Prudential Life Insurance Co. Ltd. on its state-of-the-art hi-tech platform. With this launch, BSE Ebix now has the ability to handle insurance sales across both Term and Endowment lines in the Life Insurance segment, using its omni-channel digital presence. The launch of Life insurance products by BSE Ebix is a major development from the Company’s perspective, since Life insurance is traditionally one of the fastest growing insurance segments in the country.
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New business premiums in Life Insurance in India amount approximately at 2 trillion rupees, with 30 million policies being written annually. The life insurance segment has been growing at a CAGR of 10% annually and as per industry analysts, this growth is expected to continue for the next many years. The business sourcing in the life insurance segment in India is largely dominated at present by Individual agents and the Bank assurance channel, with the Insurance Brokers accounting for less than 2% of the business in 2018-19. BSE Ebix with its technology and country wide expanse sees an opportunity to change this scenario in India.
BSE Ebix’s strategy is to have an unrivalled ‘Phygital’ pan-India reach by combining the physical presence of tens of thousands of PoSPs with an omni-channel digital channel, thereby allowing its PoSPs to have access to extensive real-time quotes from insurance companies and to complete the entire transaction 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.
In order to offer a full bouquet of insurance to meet the diverse needs of the end customer, BSE Ebix also plans to offer other insurance products for Commercial Vehicles like Trucks, Tractor, Auto, Taxi; Commercial Products like fire, liability, shopkeeper insurance; and other Personal lines of business like Home, Personal accident, travel Insurance etc.. BSE Ebix also plans to add many more insurance companies in each insurance vertical in coming days and months, while ensuring that their integration with BSE Ebix is state of the art for each vertical.
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BSE Ebix beta launched its operations on February 7, 2020 with the offering of private car and two-wheeler auto insurance. Currently, there are seven General Insurance companies, two standalone Health Insurer and three Life Insurance Companies on the BSE Ebix platform. As on date, BSE Ebix has registered over 8,000 Point of Sale Persons (PoSPs) out of which 4021 are certified and ready to do business. Since the commencement of the beta launch, the BSE Ebix Insurance has been growing over 35% month on month in terms of premiums since beta launch.
Speaking on the occasion, Mr. Ashishkumar Chauhan, MD & CEO, BSE said, “Launch of term Insurance on BSE Ebix Platform further strengthens our offerings in the insurance segment. We have chosen ICICI Prudential Life Insurance for its brand and world class service as the first offering in this segment. We are expanding our Product offerings and now present in Private car, Two-wheeler, health, Travel, Endowment and Term. We are also doing Employee benefits and other Commercial Products. BSE wants to leverage its world-class technology, unparalleled understanding of financial services distribution network, expertise in transaction processing and risk management in insurance distribution.”
Ebix Group Chairman, President and CEO Robin Raina said, “With this launch, we have integrated 12 Insurance Companies with the BSE Ebix platform, while continuing to enhance product portfolio for our Partners and Customers. While expanding our product offerings, we have also entered sports Insurance by insuring one of the IPL Franchises in Cricket. Indeed, 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 the 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. BSE Ebix intends to introduce a broad sachet of Products in collaboration with Insurance Companies and while enabling its partners to sell custom products to address the varying needs of the end clients.”
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