BSE EBIX Insurance Broking Pvt. Ltd, on 3 June, announced the beta launch of health insurance products on its platform in association with Religare Health Insurance Co. Ltd.
EBIX, a US-based insurance software solutions company, in association with BSE Ltd first launched its beta operations on the platform on 7 February 2020 by offering auto insurance for private cars and two-wheelers.
BSE EBIX has currently tied up with six general insurance companies, including Bajaj Allianz General Insurance, HDFC Ergo, Future Generali India Insurance and Reliance General Insurance. It has registered 6,396 point-of-sale persons, out of which 2,779 are certified and ready to do business.
“We’ve just entered the business and are working on ramping up. We are receiving good traction and are growing 100% every month,” said Sanjay Kumar, principal officer, BSE EBIX Insurance Broking.
Kumar added that the company was planning to expand its offerings anyway and covid-19 had no role in the introduction of health insurance products.
By the end of June 2020, BSE EBIX plans to enroll health products from Aditya Birla Health Insurance and Star Health and Allied Insurance.
“We wish to offer life insurance products as well in the next couple of months,” he said.
For life insurance products, the platform would soon launch policies from Aditya Birla Sun Life Insurance, Bajaj Allianz Life Insurance and ICICI Prudential Life Insurance.
Covid-19, according to Kumar, has hindered the process of on-boarding more insurers but they plan to offer products from almost all insurance companies in due course of time.
In terms of the impact of covid-19 on their business, Kumar said their focus until now was on the renewal business for auto insurance and that hasn’t been disturbed. “New motor policies are generally sold by the dealers themselves so our focus as of now is mainly on the renewal side of the business,” said Kumar.
EBIX operates across six continents and specializes in on-demand software and e-commerce services to the insurance, healthcare and e-learning industries.
BSE EBIX also plans to venture into insurance offerings for commercial vehicles such as trucks, tractor and taxis. Commercial products such as fire insurance, liability insurance and shopkeeper insurance too are in the pipeline.