Bombay Stock Exchange, Ebix plan to launch insurance platform

Mumbai: Leading bourse BSE and its joint venture (JV) partner Ebix, a US-based insurance exchange, are awaiting approval from the IRDAI to start an insurance distribution exchange platform, and expect to launch it by the end of this year, a senior BSE official said.

The platform will allow distribution outlets, stock brokers, wealth management advisors and financial institutions to sell life and non-life insurance products.

"We have tied up with Ebix for distribution of insurance in an exchange model, and are expecting IRDAI approval soon," Ashishkumar Chauhan, managing director and chief executive, Bombay Stock Exchange (BSE) told reporters on the sidelines of a 'retail technology' conclave here.

"It is expected to be launched by the end of this year," he added. The product will be similar to BSE-Star MF, which allows to purchase and redeem mutual fund schemes through a single platform, Chauhan said.

The newly established JV, which was announced last October, will operate under the brand name of BSE-Ebix Insurance Broking.

Through the proposed insurance platform, an agent will be able to provide a variety of policies, and also widen the reach of their products and services.

"Many choices will be offered, and customers from remote villages will also be able to access the products," he said, adding, "On the other hand, insurers will be able to expand their network through BSE's three lakh terminals." Meanwhile, Chauhan also said that the exchange is expecting to launch its commodity trading platform by the end of 2018.