BSE gets IRDA nod to enter insurance distribution

After equity, mutual funds and commodities, BSE is all set to enter the insurance distribution business.

Asia’s oldest bourse has received in-principle approval from the insurance regulator IRDA to start insurance broking business in partnership with Ebix.

The partnership, branded as BSE-Ebix Broking Insurance Broking, will enable distribution outlets, wealth management advisers and points of sales (POSs) to sell life and non-life insurance products.


BSE said the actual insurance distribution of BSE-Ebix will commence after receipt of certificate of licence from the Insurance Regulatory and Development Authority of India (IRDAI).

“BSE wants to leverage its world-class technology and expertise in transaction processing and risk management in insurance distribution. We have realised 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 networks through the combined reach of BSE and EbixCash,” said Ashishkumar Chauhan, MD & CEO, BSE.

The venture plans to offer numerous choices to customers, besides reaching out to remote villages across India to access these products. It will cover the entire insurance lifecycle from customer relationship management, agency management, multi-quoting, underwriting, policy creation, claims filing to insurance company and coordinate with insurance company for settlement of claim and back-end insurance policy administration.

EbixCash is the Indian subsidiary of Ebix Inc that 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.