Video

Building a Digital Platform for Insurance

India is witnessing a huge demand for insurance products. A digital platform is discussed as a high priority, and it will increase the distribution of insurance products across the country. The digital platform will also bring together sellers and buyers of insurance products.

See Also: Redefining with Intelligent Automation: A Focus on the Manufacturing Industry

BSE Ebix Insurance Broking Private Ltd. (BSE Ebix) plans to digitally connect all partner point of sale persons (PoSPs) with insurance companies and bring their product offerings to its platform.

"We built a digital platform for partners who would like to get into insurance distribution but would like to have a wider choice of the companies they want to deal with," says Sachin Seth, CEO and managing director, BSE Ebix. "We work with 20 insurance companies who offer their products on our platform. We have also onboarded close to 5,000 distributors as PoSPs."

BSE Ebix is a joint venture between India's leading stock exchange BSE and globally recognized SaaS-based insurance platform company Ebix.

"The platform has a customer-friendly user interface that simplifies the onboarding process. With a few clicks, one can identify the right insurance products for their customers, get live quotes, and issue the policy on behalf of their customers. All this is completed within a few minutes," Seth says.

In a video interview with Information Security Media Group, Seth also discusses:

• The need for a digital insurance distribution platform;
• Countering fraudulent activities using technology;
• Cyber insurance in the Asia Pacific region.

Seth is a digital, fintech and technology transformation thought leader with global experience. He's also a P&L executive with a focus on insurtech and the fintech ecosystem. In his previous role, he was a consulting partner and digital fintech leader at EY.