Universal Sompo General Insurance and BSE EBIX Sign Agreement to Sell General Insurance Products
JOHNS CREEK, Ga., Aug. 20, 2020 (GLOBE NEWSWIRE) — BSE Ebix Insurance Broking Private Limited (BSE Ebix) today announced its alliance with Universal Sompo General Insurance Company Ltd – a joint venture between the Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp and Sompo Japan Insurance Inc. BSE Ebix is a joint venture between BSE (Bombay Stock Exchange), the first stock exchange of Asia and Ebix Fincorp Exchange Pte Ltd, a subsidiary of Ebix, Inc.(NASDAQ:EBIX)
The alliance sets out to sell General Insurance products using the strong distribution network of BSE Ebix in a completely digitized environment. The partnership has been initiated with the offering of Universal Sompo’s recently launched Corona Kavach cover which is a short-term policy to cover COVID-19 related hospitalization expenses through certified Point of Sales Persons (PoSPs) of BSE Ebix. Presently, BSE Ebix has more than 7,200 registered PoSPs, and growing daily.
Due to the spike in the number of COVID-19 cases, Insurance Regulator IRDAI had asked insurers to design specialized product covering the treatment cost of coronavirus. Corona Kavach policy seeks to address this need of the general public. The strategic association between Universal Sompo General Insurance and BSE Ebix will enable more people to avail insurance plans and protect themselves and their families from the deadly virus.
Corona Kavach policy can be purchased on individual or family floater basis for a period of 3.5, 6.5 or 9.5 months. It offers varied sums of insurance coverage for hospitalization expenses related to COVID-19. The policy covers cost of PPE kit, gloves, mask and other similar expenses incurred during treatment of COVID-19. The policy also covers ICU and ventilator charges at Hospital. It also provides cover for Home Care Treatment Expenses including cost of Pulse Oximeter and Oxygen cylinder, if advised by Medical Practitioner.
Ashishkumar Chauhan, Managing Director & CEO, BSE (Bombay Stock Exchange), said, “We welcome Universal Sompo on the BSE Ebix technology platform and with this addition, we would be able to offer most customer-suited insurance covers across the country. We look forward to integrating the entire range of products of Universal Sompo, which can be sold through our strong network of PoSPs to add value to our overall insurance products offering.”
Sharad Mathur, Managing Director & CEO, Universal Sompo General Insurance Company Ltd, said, “We are rapidly increasing our distribution network and the collaboration with BSE Ebix shall prove to be a great achievement. We would be able to offer a bouquet of products ranging from Corona Kavach to Arogya Sanjeevani and variety of covers in due course of time through extensive and ever increasing PoSP network of BSE Ebix . The product offering is completely digitized to provide the best buying experience to our customers through the network of BSE Ebix .
About Universal Sompo General Insurance
Universal Sompo is the first Public – Private Partnership in Indian General Insurance Industry. The company is headquartered in Mumbai and is a joint venture between Indian Bank, Indian Overseas Bank, Karnataka Bank Ltd, Dabur Investment Corp and a leading general insurer from Japan, Sompo Japan Insurance Inc.
Universal Sompo is operating across India through its 86 Branches and 17 Zonal Offices. It offers wide-range of products for Retail, Rural, SME & Corporate customer segments. It’s innovating in the health insurance space and offers both standalone policies and co-branded products in conjunction with its bank partners. It continues to invest in technology ensuring quick and smooth services to customers. It serves customers through a vast distribution network of banks, branches, agents, brokers, auto dealers, POSPs, CSCs and so on. The company has also designed specific products for rural and semi urban markets.
About BSE
BSE (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. BSE is India’s leading exchange group and has played a prominent role in developing the Indian capital market. BSE is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. BSE provides an efficient and transparent market for trading in equity, debt instruments, equity derivatives, currency derivatives, commodity derivatives, interest rate derivatives, mutual funds and stock lending and borrowing.
BSE also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. BSE also has a dedicated MF distribution platform BSE StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, BSE launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil, Guar Gum, Guar Seeds & Turmeric.
BSE provides a host of other services to capital market participants including risk management, clearing, settlement, market data services and education. It has a global reach with customers around the world and a nation-wide presence. BSE’s systems and processes are designed to safeguard market integrity, drive the growth of the Indian capital market and stimulate innovation and competition across all market segments.
Indian Clearing Corporation Limited, a wholly owned subsidiary of BSE, acts as the central counterparty to all trades executed on the BSE trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. BSE Institute Ltd, another fully owned subsidiary of BSE runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of BSE, is one of the two Depositories in India.
BSE has set up an Investor Protection Fund (IPF) on July 10, 1986 to meet the claims of investors against defaulter Members, in accordance with the Guidelines issued by the Ministry of Finance, Government of India. BSE Investor Protection Fund is responsible for creating Capital markets related awareness among the investor community in India.
About Ebix
With 50+ offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries. In the Insurance sector, Ebix’s main focus is to develop and deploy a wide variety of insurance and reinsurance exchanges on an on-demand basis, while also, providing Software-as-a-Service (“SaaS”) enterprise solutions in the area of CRM, front-end & back-end systems, outsourced administration and risk compliance services, around the world.
With a “Phygital” strategy that combines physical distribution outlets in many Southeast Asian Nations (“ASEAN”) countries, to an Omni-channel online digital platform, the EbixCash Financial exchange portfolio encompasses leadership in areas of domestic & international money remittance, foreign exchange (Forex), travel, pre-paid & gift cards, utility payments, lending, wealth management etc. in India and other markets. EbixCash’s Forex operations have emerged as a leader in India’s airport Foreign Exchange business with operations in 32 international airports including Delhi, Mumbai, Bangalore, Hyderabad, Chennai and Kolkata. These Forex operations conduct over $4.8 billion in gross transaction value per year. EbixCash’s inward remittance business in India conducts approximately $5 billion gross in annual remittance business, confirming its undisputed leadership position in India. EbixCash, through its travel portfolio of Via and Mercury, is also one of Southeast Asia’s leading travel exchanges, with over 2,200+ employees, a 212,450+ agent network, 25 branches and over 9,800 corporate clients. The EbixCash travel business processes an estimated $2.5 billion in gross merchandise value per year. EbixCash’s technology services Division has emerged as a leader in the areas of lending technology, asset & wealth management technology, and travel technology in India and has grown its international expanse to Europe, Middle East, Africa and other ASEAN countries.
Through its various SaaS-based software platforms, Ebix employs thousands of domain-specific technology professionals to provide products, support and consultancy to thousands of customers on six continents. For more information, visit the Company’s website at www.ebix.com
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