BSE Ebix beta launches health insurance on its platform

New Delhi, Jun 3 (PTI) BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, on Wednesday announced the beta launch of health insurance on its platform by enrolling Religare Health Insurance Company. Through this launch, BSE Ebix will be able to offer various health insurance products to its participants, the company said in a statement.

In order to offer full bouquet of insurance, 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. BSE Ebix had beta launched its operations in February, 2020 with the offering of private car and two-wheeler auto insurance.

"We have experienced success in beta mode of insurance distribution and we expect to taste similar success in our journey going forward as well. It will also help insurers expand their customer base through the combined reach of BSE & Ebix," said Ashishkumar Chauhan MD and CEO at BSE. Currently, there are six general insurance companies on BSE Ebix platform — Bajaj Allianz General Insurance Co Ltd, Bharti Axa General Insurance Co Ltd, Future Generali India Insurance Co Ltd, HDFC ERGO General Insurance Co Ltd, Reliance General Insurance Co Ltd and SBI General Insurance Co Ltd.

Since the commencement of beta launch, the BSE Ebix insurance distribution platform, has been growing 100 per cent month-on-month in premium collected. It has registered 6,396 Point-of-Sale Persons (PoSPs) out of which 2,779 are certified and ready to do business, the statement said. "The opportunity ahead of the joint venture is gigantic, with our target of having tens of thousands of PoSPs registered by the end of 2020. We are focused on the need to take insurance distribution to every nook and corner of India, in a manner that benefits all entities involved," Ebix Group Chairman President and CEO Robin Raina said.