Ebix Inc., the Atlanta-based insurance software and fintech company, is enabling the purchase of life insurance in India through its joint venture with BSE, formerly the Bombay Stock Exchange.
BSE Ebix Insurance Broking Private Limited had “beta” launched its marketplace in February but expanded the offering by adding health insurance in June and two of India’s top life insurance firms this month.
The move brings Ebix’s traditional insurance marketplace business, which is mostly concentrated in the United States, into a market where it has found growth introducing other services. Ebix’s India operations are mainly built around EbixCash, which operates travel marketplaces, airport foreign exchange counters, remittances and cash counters through a vast network of agents around that country.
It’s that personal connection that BSE Ebix joint venture hopes to leverage, enabling agents at physical locations to use a digital platform to complete insurance applications for in-person customers. It has already begun to offer trucking, health, shop-keeper, fire and auto insurance.
“The opportunity ahead of the joint venture is gigantic, considering the need to take insurance distribution to every nook and corner of India, in a manner that benefits all the entities involved,” said CEO Robin Raina in a news release, promising a mix of back-end digital efficiency with attentive customer service.
The NASDAQ-listed company is expanding the insurance side of its portfolio during a tough time for its India business, which has been hit hard by the pandemic. Not only is the country facing the prospect of its first contraction in decades, but travelers and expat workers that would have used EbixCash to send money home have all been called back from places like the Middle East, affecting revenues. Ebix also saw a major merger with Indian travel marketplace Yatra Inc. scuttled in June.