Ebix, Inc. (NASDAQ:EBIX), a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that its joint venture with Bombay Stock Exchange (BSE), Asia's oldest exchange, has received formal approval for Certificate of Registration to act as a direct insurance broker (Life and General) under the IRDAI (Insurers Brokers) Regulations, 2018. The venture, branded as BSE-Ebix Insurance Broking Pvt. Ltd., will enable distribution outlets, wealth management advisors, Point of Sale Persons (PoSPs) to sell life and non-life insurance products.
BSE-Ebix confirmed that it will soon announce a formal date for the go-live date of its distribution franchise. BSE-Ebix aims to offer numerous choices to customers, besides reaching to remote villages across India to access these products. The venture will make use of the reach of both BSE and EbixCash that spans over 3 lakh outlets across the country, and shall cover the entire insurance lifecycle from customer relationship management, agency management, multi-quoting, underwriting, policy creation, claims filing and settlement to back-end insurance policy administration.
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.
EbixCash is the Indian subsidiary of Ebix, Inc. that today transacts $18 Billion in Gross merchandise value (GMV) on its platforms, besides being an end-to-end services market leader in the financial exchange industry.