INSURANCE
BSE and Ebix to start insurance exchange platform by year-end
Jun-12-2018

India’s Premier Stock Exchange BSE and its joint venture partner Ebix, a US-based insurance exchange, are awaiting approval from the Insurance Regulatory and Development Authority of India (IRDAI) to start an insurance distribution exchange platform, and expected to launch this platform by the end of this year. This platform will allow distribution outlets, stock brokers, wealth management advisors and financial institutions to sell life and non-life insurance products. This product will be similar to BSE-Star MF, which allows purchasing and redeeming mutual fund schemes through a single platform.

The newly established Joint Venture, 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.

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