On December 15, 2020 BSE Ebix Insurance Broking Private Limited partnered with ICICI Prudential Life Insurance Co. Ltd. for the beta launch of term Insurance of ICICI Prudential on its on-demand advanced hi-tech platform. This launch allows BSE Ebix to handle the insurance sales across the term and endowment lines in the life insurance segment, using its omni-channel digital presence.
- With this launch, 12 Insurance Companies have been integrated with BSE Ebix platform.
As life insurance is traditionally one of the fastest growing insurance segments in the country, BSE Ebix’s launch of life insurance products is considered as the major development from the company’s perspective.
i.The strategy of BSE Ebix is to have a ‘Phygital’ PAN India reach by combining the physical presence of thousands of Point of Sales Persons (POSPs) with an omni channel digital channel.
ii.This allows its PoSPs to have access to comprehensive real-time quotes from insurance companies and to complete the entire transaction online on behalf of their customers.
iii.BSE Ebix through this technology empowers PoSPs to deliver finest insurance products and also provide ease to the end costumes by physically transacting at the speed of digital technology.
iv.This offers an opportunity to BSE Ebix to build its Life insurance portfolio.
- BSE Ebix intends to offer other insurance products for commercial vehicles, commercial products and for other Personal lines of business.
- This is to offer a full bouquet of insurance to meet various needs of the end customers.
- It also plans to add more insurance companies in each insurance vertical shortly.
General Info about Life Insurance in India
i.The new business premiums on India’s life insurance amount around Rs 2 trillion, with 30 million policies being written per year.
ii.It is to be noted that the life insurance segment has been growing at a Compound Annual Growth Rate (CAGR)of 10% annually.
iii.Insurance Brokers accounts less than 2% of the business in 2018-19.
Info about BSE Ebix Insurance Broking Private Limited:
- It is a joint venture of BSE and Ebix Fincorp Exchange Pte Ltd.,.
- It had beta launched its operations on February 7, 2020
- Till date, it has registered more than 8,000 PoSPs, of which more than 4,000 are certified and ready to do business.
Recent Related News:
i.On November 10, 2020 Tata AIA Life Insurance Company Limited entered into partnership with PayBima(PayBima.com), the digital arm of Mahindra Insurance Brokers Ltd.,(MIBL) as a Broker to distribute its industry-leading life insurance solutions.
ii.On November 9, 2020 Edelweiss Tokio Life Insurance Company Limited launched, ‘Covid Shield+’, India’s First Individual Covid-19 Life Insurance Policy. The comprehensive solution provides financial protection against the impact of COVID-19 diagnosis.
About ICICI Prudential Life Insurance Co. Ltd.:
Promoted by -ICICI Bank Limited and Prudential Corporation Holdings Limited.
Commenced Operations– 2001
HeadOffice– Mumbai, Maharashtra
MD & CEO– N S Kannan