After Auto Insurance, BSE EBIX Beta Launches Health Insurance on its On-Demand Hi-Tech Platform

ATLANTA, June 03, 2020 (GLOBE NEWSWIRE) -- BSE Ebix Insurance Broking Private Limited, a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd., today announced the beta launch of Health insurance on its state-of-the-art hi-tech platform by enrolling Religare Health Insurance Company Ltd, India’s leading standalone health insurer. Through this launch, BSE Ebix will be able to offer various health insurance products to its participants.

BSE Ebix, a high tech venture of BSE and a subsidiary of Ebix Inc. (NASDAQ: EBIX), beta launched its operations on February 7, 2020 with the offering of private car and two-wheeler auto insurance. Currently, there are six General Insurance companies on BSE Ebix platform namely 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% month on month in terms of premium collected. It has registered 6396 Point of Sale Persons (PoSPs) out of which 2779 are certified and ready to do business.

BSE Ebix’s strategy is to have an unrivalled ‘Phygital’ presence pan India by combining physical presence of PoSPs with an omnichannel digital channel thereby allowing its PoSPs to have access to extensive real-time quotes from insurance companies and complete entire transaction online on behalf of their customers. Through its technology, BSE Ebix empowers PoSPs to deliver best of the Insurance products and also gives comfort to customers by transacting physically with the speed of digital technology.

Speaking on the occasion, Mr. Ashishkumar Chauhan, MD & CEO, BSE said, “Launch of health insurance strengthens our offerings in the insurance distribution segment. BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. 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.”