Mumbai : Bombay Stock Exchange (BSE) and its joint venture (JV) partner Ebix, the global leader in insurance exchanges (NASDAQ: EBIX), has received in-principle approval for Certificate of Registration to act as a direct insurance broker 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 Sales (POSs) to sell life and non-life insurance products. The actual insurance distribution of BSE-Ebix will commence after receipt of certificate of license from IRDAI.
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.
“BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. We have realized that there is huge demand for investment products, and our platforms like BSE StAR MF are performing very well. We expect to taste similar success in the insurance distribution segment and help insurers expand their network through the combined reach of BSE & EbixCash” Mr. Ashishkumar Chauhan, MD & CEO, BSE said.