Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us    
Google
Web www.equitybulls.com
Industry News

| More

BSE and Ebix Sign MOU to Launch Joint Venture Company

Posted On: 2017-10-28 21:16:01

India's leading stock exchange BSE and World's largest insurance exchange Ebix, Inc. (NASDAQ: EBIX), have announced that they have signed a memorandum of understanding to set up a joint venture, to develop a pioneering insurance distribution network in India.

BSE Investments Limited (BIL), 100% subsidiary of BSE and Ebix Fincorp Exchange Pte Ltd, a 100% subsidiary of Ebix today signed this MoU, with the goal of revolutionizing end-to-end sales and processing of Insurance in the country.

The new venture to be branded as BSE-Ebix intends to deploy an insurance distribution exchange platform, that will allow distribution outlets, stock brokers, wealth management advisors and financial institutions etc. across the length and breadth of the country to sell life and non-life products. The venture will utilize the distribution reach of both BSE and Ebix that spans more than 200,000 outlets across the entire expanse of the country. The state of the art platform that will leverage Ebix's world leading end-to-end insurance exchange technology, will encompass the entire insurance life cycle from customer relationship management, agency management, multi-quoting, underwriting, policy creation, claims filing & settlement, to back end insurance policy administration.

Speaking at the occasion Shri Ashishkumar Chauhan, MD and CEO, BSE said "BSE welcomes the collaboration between BIL and Ebix. We are pleased to team up with Ebix in this venture which has a potential of allowing consumers across the length and breadth of the country, easier and faster access to preserving their wealth through buying insurance and expeditious claims settlement. It shall be our endeavor to provide customers a world class experience by being close to where they are by leveraging our vast hugely compliant distribution network, as also through the adoption of state of the art world leading technology."

Led by an Indian - American CEO, Ebix was recently ranked amongst the World's 100 Fastest Growing Companies by Fortune magazine in September 2017. Ebix CEO Robin Raina who is presently visiting India, has the unique distinction of being the only CEO on Fortune's 2017 list of Fastest Growing Companies in the world, who has featured on the coveted Fortune list 5 times in the last decade, as also providing 21,000 percent shareholder return since December 2000.

Ebix Group Chairman, President and CEO Robin Raina said, "With a population of approximately 1.2 billion people and the largest growing middle class in the world, India is set to be a large insurance market - as wherever people create wealth, they tend to find ways to protect it through insurance. We are excited to be teaming up with Bombay Stock Exchange in this venture, that we feel can revolutionize the end-to-end processing of insurance in India. Our intent is to do that by going PHYGITAL - owning the last mile and combining the physical reach of tens of thousands of distribution outlets across the country with state of the art end-to-end technology and processes."

This joint venture with one of the world's largest stock exchanges with overall market capitalization of more than $ 2 Trillion, is part of Ebix's ambitious drive to pioneer the convergence of insurance and financial channels in India. Towards that extent, Ebix recently announced that it intends to invest $200 million in India. The Company recently announced four acquisitions in the Financial Exchange sector, with the goal of embracing Prime Minister Modi's vision of a Digital India, while being a one-stop PHYGITAL platform for money remittances, bill payments, pre-paid & gift cards, insurance, mutual funds, mobile & dth recharges, travel ticketing etc.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

AVIVA launches Online Will Writing Service to Promote Financial Literacy

Chrysalis raises funding from Social Impact Investors Menterra and Artha

ICAI invites comments on Valuation Standards

Maharashtra New DP plan 2034 notification - Mr. Niranjan Hiranandani, President NAREDCO

Sterlite Power's OPGW facility receives 17025:2005 accreditation by NABL

Amazon.in adds 6 new fulfilment centers for Large Appliances and Furniture

Asset Management Firm Samvitti Capital launches new Alternative Investment Fund

ICAI committed to conclude the disciplinary process against those found involved in the PNB scam

Fintech startup BuyForexOnline looks to raise $2m for its next phase of growth

Wipro Consumer Care and Lighting forays into home automation space

Catholic Syrian Bank announces proposed investment by Fairfax India

KIFS Tade capital launches interactive Chatbot service #AskSubbu

Moneycontrol becomes India's first financial platform to launch a dedicated section on Cryptocurrency

DBS Group Chairman Peter Seah conferred Institute of Directors (IOD), India Distinguished Fellowship

Essar concludes sale of Aegis to Capital Square Partners for US $ 300 Million (Approximately Rs.2,000 crore)

ESAF Small Finance Bank kicks off operations in Mumbai

2.0 Audio Launch Sets Benchmark for International Film Events in Dubai

Comments on on 'Pradhan Mantri Sahaj Bijli Har Ghar Yojana' - Power for All

SVC Bank launches hassle-free ASBA facility for IPOs

Flipkart's Big Billion Days To Kick In From September 20

Genpact Acquires Digital Customer Experience Consulting Firm TandemSeven

PAYBACK India Announces Appointment of new CEO

IndiaFirst Life acknowledged with Social Inclusion Award 2017 by Fintelekt

Apollo Munich Launches India's First Travel Insurance Chatbot - 'Travel Ninja'

On its run up to an IPO, ShopClues appoints Deepak Sharma as CFO

Cognizant Opens New Digital Business Collaboratory in London

Morphy Richards appoints J Walter Thompson as their creative agency

edX partners with IL&FS / IFIN to launch learning academy

PAYBACK India wins the Best Loyalty Program 2017 award at CMO Asia 'National Awards for Marketing Excellence'

Hyundai Launches the Most Unique & Global 'Online Buying Experience'- 'HyBuy'

Myntra launches The Game of Thrones collection ahead of the much awaited season 7

DBS Bank Strengthens India franchise on 24% growth in advances and 15% in deposits during FY 2016-17

Apollo Munich Health Insurance ranked as top 'Great place to Work' in Indian Insurance Sector

92.7 BIG FM's New and Refreshed Stationality in Bengaluru, Celebrates Music With 'Sandalwood Jothe Bollywood Blast'

Omega Healthcare inaugurates 4th facility in Trichy

Broadridge Opens Fourth Office in India in Bangalore

Myntra targets 25x sales; 4 lakh new customers during the 6th edition of its flagship - 'End of Reason Sale'!

ARQ Midcap stocks gives its investors' 42.66% return on investments

Now check Train PNR status after booking tickets on Paytm

LANXESS to streamline the chrome value chain of its leather business

BankBazaar android app crosses 1Million downloads

Amazon.in launches 'GST Caf├ęs' to train sellers on GST compliance

Overnite Express looking for franchise to expand all across the country

Salman Khan's Tubelight to be released across 4400 screens in India

Paytm introduces zero cancellation-handling fees for flight tickets

Finvasia introduces Zero brokerage trading - The new age of stock trading arrives

AGS Transact Technologies Limited to implement Automatic Fare Collection system for the Kochi Metro

LANXESS expects best results in company history in 2017

NIIT University (NU) addresses IT industry's urgent need for Next Gen digitally skilled engineers

Union Ministry of Food Processing Industries launches World Food India Website www.worldfoodindia.in





Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2018