BSE Ebix Insurance Broking, a joint venture of BSE and Ebix Fincorp Exchange, on Monday announced the beta launch of life insurance on its platform by enrolling Aditya Birla Sun Life Insurance and Bajaj Allianz Life Insurance.
With this launch, BSE Ebix now has the ability to handle insurance sales across the three key insurance verticals of life, health and auto insurance by using its omnichannel digital presence supplemented by the 'phygital' pan-India physical presence of BSE Ebix's thousands of point of sale persons.
The launch of life insurance products by BSE Ebix is a major development from the company's perspective since life insurance is traditionally one of the fastest-growing insurance segments in the country.
New business premiums in life insurance in the country amount nearly Rs 2 lakh crore with three crore policies being written annually. The life insurance segment has been growing at a CAGR of 10 per cent annually.
As per industry analysts, this growth is expected to continue for the next many years.
"BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution," said Ashishkumar Chauhan, Managing Director and CEO of BSE Ltd.
"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 and Ebix," he said in a statement.
( With inputs from ANI )