Nasdaq-listed Ebix Inc and Bombay Stock Exchange (BSE) have signed a Memorandum of Understanding (MoU) to set up a joint venture to develop an insurance distribution network in India.
BSE Investments Limited, a 100 per cent subsidiary of BSE and Ebix Fincorp Exchange Pte Ltd, a 100 per cent subsidiary of Ebix on Thursday signed this MoU, with the goal of revolutionizing end-to-end sales and processing of insurance in the country.
The new venture to be branded as BSE-Ebix intends to deploy an insurance distribution exchange platform that will allow distribution outlets, stock brokers, wealth management advisors and financial institutions etc.across the length and breadth of the country to sell life and non-life products.
The venture will utilize the distribution reach of both BSE and Ebix that spans more than 2 lakh outlets across the country.
Ashishkumar Chauhan,Managing Director and CEO, BSE, said: "BSE welcomes the collaboration between BIL and Ebix. We are pleased to team up with Ebix in this venture which has a potential of allowing consumers across the length and breadth of the country, easier and faster access to preserving their wealth through buying insurance and expeditious claims settlement".
The proposed platform will leverage Ebix's end-to-end insurance exchange technology and encompass the entire insurance life cycle from customer relationship management, agency management, multi-quoting, underwriting, policy creation, claims filing and settlement, to back end insurance policy administration.
Bhavik Vasa, Chief Growth Officer, Ebix ItzCash (Ebix Group), said that insurtech will drive collaborative innovation and transform insurance sector with double digit growth over next 3-5 years.
"We are leveraging our expansive geographic reach to increase awareness and adoption of protection products for the emerging India", he said.