MUMBAI, India and JOHNS CREEK, Ga., May 04, 2022 (GLOBE NEWSWIRE) — BSE Ebix Insurance Broking Private Limited (BSE Ebix), a joint venture of BSE and Ebix Singapore Pte Ltd., announced today that Sachin Seth has been appointed as CEO and MD of BSE Ebix. An upcoming InsurTech player – BSE Ebix is focused on distribution of insurance products through an unrivalled ‘Phygital’ pan India reach, by combining the physical presence of tens of thousands of PoSPs with an omnichannel digital channel.
Sachin Seth joins BSE Ebix from Ernst & Young LLP (EY) where as a Partner, he was instrumental in setting up and growing the Digital and Fintech Practice for EY’s Financial Services Division since 2016. Prior to EY, Sachin spent more than a decade with IBM Consulting in the similar domain, as an Executive Director.
Sachin brings in a rich experience of more than two decades in the areas of providing digital financial services thought leadership, driving business transformation initiatives and building cutting edge digital platforms for leading financial services players and driving Fintech and InsurTech ecosystem in India and overseas markets.
Mr. Ashishkumar Chauhan, MD & CEO – BSE, said “We are excited to have Sachin on-board, to lead the BSE Ebix joint venture. At BSE Ebix, we are committed to reaching out to every citizen of the country and providing insurance solutions as per their needs. This appointment is another step forward in that direction, to establish BSE Ebix as a leading insurance distribution player, while providing the best-in-class services to our customers across the length and breadth of the country.”
Robin Raina, Chairman, President and CEO – Ebix Inc. said, “BSE and Ebix both are committed to bringing the best of technologies and innovation in the field of insurance distribution in India. With Sachin joining as Managing Director, BSE Ebix now has a leading industry professional who has helped pioneer new concepts in the Financial services arena for two decades. We are excited to have him lead the BSE Ebix efforts to establish a leading insurance distribution venture in the country.”
BSE Ebix aims to revolutionize not only buying of insurance from a consumer perspective but also enable insurers to distribute insurance products in a highly efficient manner, while automating and integrating complex back-end processes seamlessly with front end distribution.
BSE EBIX had beta launched its operations on February 7, 2020, with the initial offering of private car and two-wheeler auto insurance. Currently, BSE Ebix is doing business with nine General Insurance companies in Motor product area, six Health Insurance Companies for Health Products and five Life Insurance Companies for Life Products. As on date, BSE EBIX has registered over 11,000 Point of Sale Persons (PoSPs) out of which 4,677 are certified and ready to do business through BSE EBIX Portal.
EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is in the process of seeking IRDA approval to transfer its share ownership in BSE EBIX from its parent Ebix Singapore Pte Ltd. to EbixCash Limited.
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, Inc.
With approximately 200 offices across 6 continents, Ebix, Inc., (NASDAQ: EBIX) endeavors to provide on-demand software and e-commerce services to the insurance, financial services, travel, 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.
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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