Media Release
BSE Ebix Insurance platform completes issuance of over 1000 motor insurance policies
Mumbai, June 8, 2020: BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Pvt Ltd., has completed issuance of over 1000 motor insurance policies on its platform.
BSE Ebix had beta launched its operations on February 7, 2020 where it offered private car and two-wheeler auto insurance. The platform completed issuance of a total of 1,195 policies and collected total premium of 40Lakh with 9.25 cr as the total insurance coverage offered so far.
Since the commencement of beta launch, the BSE Ebix Insurance Distribution Platform has been growing 100% month on month in premium collected.
BSE Ebix platform has already registered 6396 Point of Sale Persons (PoSPs) out of which 2779 are certified and ready to do business. PoSPs are able to complete the issuance of the policy in a completely automated hi tech platform from start to finish including comparison of various policies, compare premium quoted by various insurance companies, select a specific policy based on the comparisons, make payments and collect the insurance policy issued in e format by the insurance company in close to 5 minutes.
The automation of the end to end processes in insurance sales for PoSPs has allowed many PoSPs to increase their business and eliminate the paperwork, multiple signatures, Cheque payments, submission of documents with the company, reconciliation of payments and many other manual processes which reduce their ability to conduct business currently.
Recently, BSE Ebix launched health insurance products on its platform.
In order to offer full bouquet of insurance to its diverse customer needs, BSE Ebix also plans to venture into insurance offerings for commercial vehicles like Trucks, Tractor, Auto, Taxi and commercial products like fire insurance, liability insurance and shopkeeper insurance.
By the end of June 2020, BSE Ebix plans to enroll Aditya Birla Health Insurance Co Ltd, Star Health & Allied Insurance Co Ltd in Health products and Aditya Birla Sun Life Insurance Co Ltd, Bajaj Allianz Life Insurance Co Ltd and ICICI Prudential Life Insurance Co Ltd. in Life insurance products on BSE Ebix platform.
About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seeds & 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 nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country.
Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
Media Contact:
Yatin Padia / Rahul Vyas/ Shruti Nitesh
022 2272 8516 / 2272 8472/ 8108000974
Yatin.padia@bseindia.com/ Rahul.vyas@indiainx.com/ shruti.nitesh@adfactorspr.com