Universal Sompo, BSE Ebix Sign Agreement to Sell General Insurance Products
India’s leading exchange group BSE Ebix Insurance Broking Private Limited has 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.
The alliance is dedicated towards selling the 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.
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. 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. The policy offers varied sums of insurance coverage for hospitalization expenses related to COVID-19. It also covers cost of PPE kit, gloves, mask and other similar expenses incurred during treatment of COVID-19. Apart from that, it also covers ICU and ventilator charges at Hospital and provides cover for Home Care Treatment Expenses including cost of Pulse Oximeter and Oxygen cylinder, if advised by Medical Practitioner.
“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,” says Ashishkumar Chauhan, Managing Director & CEO, BSE (Bombay Stock Exchange).
“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,” says Sharad Mathur, Managing Director & CEO, Universal Sompo General Insurance Company Ltd.
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