November 5, 2017

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BSE and Ebix Will Be Setting Up an Insurance Distribution Network in India

Recently Bombay Stock Exchange shook hands on a deal with Ebix, which is an US-based Insurance exchange company, to build together an extended Insurance Distribution Network in the country.

BSE Investments Ltd a part of BSE and Ebix’s subsidiary Ebix Fincorp Exchange Pte Ltd, signed a pact, under which they will disrupt sales together while processing Insurance services in India, according to the details revealed by the company. 
The Venture will be branded under the name of ‘BSE-Ebix’and intends on deploying insurance distribution platform. This will allow wealth management advisors, stock brokers and financial institutions, and other potential clients, to sell non-life and life products.


The venture will take advantage of both Ebix and BSE’s distribution reach, which spans over 200,000 outlets in India. The platform is speculated to encompass the whole insurance lifecycle from agency management, customer relationship management, underwriting, policy creation, multi-quoting and settlement for the back-end in the whole insurance policy administration.

BSE’s CEO and MD Ashishkumar Chauhan, share that this venture can potentially give Indian consumers a faster and easier access to preserve their wealth by buying insurance and availing expeditious claims settlement.

Ebix President and CEO, Robin Raina also shared that they plan on revolutionizing insurance processing in India, with their PHYGITAL venture. Ebix is planning on using the physical reach of over 10,000 distribution outlet across India with sophisticated processes and technology. Ebix has also acquired four other firms in India including Wall Street Finance Ltd, ItzCash, Paul Merchants Ltd and YouFirst Money Express. Earlier in July, Ebix shared that they plan on making a $100 million acquisitions and investments in India. They don’t seem to shy away from making this sizable investment in the company. Raina, also shared that Ebix wants to invest $200 million in the country.


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