This week, Leading bourse BSE claimed that it has joined forces with Ebix Inc. to set up a joint business enterprise company for building a healthy network for insurance distribution in the country. Ebix is a top worldwide supplier of e-commerce services and on-demand software to the financial, insurance, healthcare, as well as e-governance industries. The new business enterprise, which is to be dubbed as BSE-Ebix, aims to deploy an exchange platform for insurance distribution that will permit stock brokers, distribution outlets, financial institutions, as well as wealth management advisors among others to trade non-life and life products, BSE claimed to the media in a regulatory filing this week.

The business enterprise will utilize the distribution reach of both Ebix and BSE that spread over more than 2 Lakh outlets all over the nation. “We are happy to group up with Ebix in this business enterprise that has a latent of permitting users all over the breadth as well as length of the nation, faster and easier access to maintaining their wealth via buying expeditious claims and insurance settlement,” Ashishkumar Chauhan, Chief Executive and Managing Director of BSE, claimed to the media in an interview this week.

A group company of BSE, BSE Investments, and a 100% subsidiary of Ebix, Ebix Fincorp Exchange Pte Ltd., inked the MoU (memorandum of understanding) this week with the aim of revolutionizing processing of insurance and end to end sales all over the nation, BSE claimed to the reporters while talking about the matter. “With a population of almost 1.2 Billion people and the biggest developing middle class all over the globe, India is all geared to be a huge market for insurance. This is due to the fact that wherever people make wealth, they aim to discover ways to defend it via insurance,” Robin Raina, President, Group Chairman, and CEO of Ebix, claimed to the media in an interview this week.

On a related note, Ebix lately declared that it aims to spend $200 Million in the nation. Apart from this, the firm recently declared 4 acquirements in the sector of financial exchange.