“We are expecting the approval soon and the platform will be launched in the next few months,” he said.
BSE and US-based insurance exchange Ebixis are awaiting approval from Insurance Regulatory and Development Authority of India (IRDA), to start insurance distribution platform, said Ashish Kumar Chauhan, Chief Executive Officer, BSE.
“We have tied up with Ebixis for the insurance platform and sought IRDA's approval,” he said.
“We are expecting the approval soon and the platform will be launched in the next few months,” he added.
He was speaking on the sidelines of a two-day Retail-Technology Conclave held in Mumbai.
This platform will be similar to BSE StAR MF platform, which allows distributors to purchase and redeem mutual fund schemes on a single platform.
Through the insurance platform, distributors will be able to sell different policies from different life and general insurance companies on a single platform, Chauhan said.
“Many choices will be given to customers in life and health insurance policies. Insurance companies will be able to expand their network through our 3 lakh terminals across the country,” Chauhan said.Asia’s oldest exchange also plans to launch commodity trading platform by the end of this calendar year.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.