India’s leading stock exchange BSE and World’s largest insurance
exchange Ebix, Inc. (NASDAQ:EBIX), today announced that they have
signed a memorandum of understanding to set up a joint venture,
targeted towards setting up a pioneering robust insurance
distribution network in India.
BSE Investments Limited (BIL), 100% subsidiary
of BSE and Ebix Fincorp Exchange Pte Ltd, a 100% subsidiary of Ebix
today signed this MoU, with the goal of revolutionizing end-to-end
sales and processing of Insurance in the country.
The new venture to be branded as BSE-Ebix
intends to deploy an insurance distribution exchange platform, that
will allow distribution outlets, stock brokers, wealth management
advisors and financial institutions etc. across the length and
breadth of the country to sell life and non-life products. The
venture will utilize the distribution reach of both BSE and Ebix
that spans more than 200,000 outlets across the entire expanse of
the country. The state of the art platform that will leverage
Ebix’s world leading end-to-end insurance exchange technology, will
encompass the entire insurance life cycle from customer
relationship management, agency management, multi-quoting,
underwriting, policy creation, claims filing & settlement, to
back end insurance policy administration.
Speaking at the occasion Shri Ashishkumar
Chauhan, MD and CEO, BSE said “BSE welcomes the collaboration
between BIL and Ebix. We are pleased to team up with Ebix in this
venture which has a potential of allowing consumers across the
length and breadth of the country, easier and faster access to
preserving their wealth through buying insurance and expeditious
claims settlement. It shall be our endeavor to provide customers a
world class experience by being close to where they are by
leveraging our vast hugely compliant distribution network, as also
through the adoption of state of the art world leading
technology.”
Led by an Indian - American CEO, Ebix was
recently ranked amongst the World’s 100 Fastest Growing Companies
by Fortune magazine in September 2017. Ebix CEO Robin Raina who is
presently visiting India, has the unique distinction of being the
only CEO on Fortune’s 2017 list of Fastest Growing Companies in the
world, who has featured on the coveted Fortune list 5 times in the
last decade, as also providing 21,000 percent shareholder return
since he assumed leadership of Ebix.
Ebix Group Chairman, President and CEO Robin
Raina said, “With a population of approximately 1.2 billion people
and the largest growing middle class in the world, India is set to
be a large insurance market – as wherever people create wealth,
they tend to find ways to protect it through insurance. We are
excited to be teaming up with Bombay Stock Exchange in this
venture, that we feel can revolutionize the end-to-end processing
of insurance in India. Our intent is to do that by going PHYGITAL –
owning the last mile and combining the physical reach of tens of
thousands of distribution outlets across the country with state of
the art end-to-end technology and processes.”
This joint venture with one of the world's
largest stock exchanges with overall market capitalization of more
than $ 2 Trillion, is part of Ebix’s ambitious drive to pioneer the
convergence of insurance and financial channels in India. Towards
that extent, Ebix recently announced that it intends to invest $200
million in India. The Company recently announced four acquisitions
in the Financial Exchange sector, with the goal of embracing Prime
Minister Modi’s vision of a Digital India, while being a one-stop
PHYGITAL platform for money remittances, bill payments, pre-paid
& gift cards, insurance, mutual funds, mobile & dth
recharges, travel ticketing etc.
About BSE
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 demutualised
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,
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 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.
About Ebix, Inc.
Recently ranked amongst the World’s 100 Fastest
Growing Companies by Fortune magazine in September 2017, Ebix is a
leading international supplier of On-Demand software and E-commerce
services to the insurance, financial, e-governance and healthcare
industries. Ebix, Inc. provides end-to-end on-Demand solutions
ranging from infrastructure exchanges, front end & back end
enterprise systems, outsourced administrative & custom software
development solutions, and risk compliance solutions for various
entities involved in these industries.
With 45+ offices across Australia, Brazil,
Canada, India, New Zealand, Singapore, the US and the UK, Ebix
powers multiple exchanges across the world in the field of life,
annuity, health and property & casualty insurance while
conducting in excess of $100 billion in insurance premiums annually
on its platforms. Through its various SaaS-based software
platforms, Ebix employs hundreds of domain specific business and
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.
SAFE HARBOR REGARDING FORWARD-LOOKING
STATEMENTS
As used herein, the terms “Ebix,” “the Company,”
“we,” “our” and “us” refer to Ebix, Inc., a Delaware corporation,
and its consolidated subsidiaries as a combined entity, except
where it is clear that the terms mean only Ebix, Inc.
The information contained in this Press Release
contains forward-looking statements and information within the
"safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, and
Section 21E of the Securities Exchange Act of 1934. This
information includes assumptions made by, and information currently
available to management, including statements regarding future
economic performance and financial condition, liquidity and capital
resources, acceptance of the Company's products by the market, and
management's plans and objectives. In addition, certain statements
included in this and our future filings with the Securities and
Exchange Commission ("SEC"), in press releases, and in oral and
written statements made by us or with our approval, which are not
statements of historical fact, are forward-looking statements.
Words such as "may," "could," "should," "would," "believe,"
"expect," "anticipate," "estimate," "intend," "seeks," "plan,"
"project," "continue," "predict," "will," "should," and other words
or expressions of similar meaning are intended by the Company to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are found at various places throughout
this report and in the documents incorporated herein by reference.
These statements are based on our current expectations about future
events or results and information that is currently available to
us, involve assumptions, risks, and uncertainties, and speak only
as of the date on which such statements are made.
Our actual results may differ materially from
those expressed or implied in these forward-looking statements.
Factors that may cause such a difference, include, but are not
limited to those discussed in our Annual Report on Form 10-K and
subsequent reports filed with the SEC, as well as: the risk of an
unfavorable outcome of the pending governmental investigations or
shareholder class action lawsuits, reputational harm caused by such
investigations and lawsuits, the willingness of independent
insurance agencies to outsource their computer and other processing
needs to third parties; pricing and other competitive pressures and
the Company's ability to gain or maintain share of sales as a
result of actions by competitors and others; changes in estimates
in critical accounting judgments; changes in or failure to comply
with laws and regulations, including accounting standards, taxation
requirements (including tax rate changes, new tax laws and revised
tax interpretations) in domestic or foreign jurisdictions; exchange
rate fluctuations and other risks associated with investments and
operations in foreign countries (particularly in Australia, UK and
India wherein we have significant operations); equity markets,
including market disruptions and significant interest rate
fluctuations, which may impede our access to, or increase the cost
of, external financing; and international conflict, including
terrorist acts.
Except as expressly required by the federal
securities laws, the Company undertakes no obligation to update any
such factors, or to publicly announce the results of, or changes to
any of the forward-looking statements contained herein to reflect
future events, developments, changed circumstances, or for any
other reason.
Readers should carefully review the disclosures
and the risk factors described in the documents we file from time
to time with the SEC, including future reports on Forms 10-Q and
8-K, and any amendments thereto. You may obtain our SEC filings at
our website, www.ebix.com under the "Investor Information" section,
or over the Internet at the SEC's web site, www.sec.gov.
CONTACT:
For BSE –
Yatin Padia
+91 9833010098 or yatin.padia@bseindia.com
Rahul Vyas
+91 9320115656 or Rahul.vyas@bseindia.com
For Ebix –
Bhavik Vasa
+91 9819389881 or bhavikv@itzcash.com
Darren Joseph
678 -281-2027 or IR@ebix.com
David Collins or Chris Eddy
Catalyst Global - 212-924-9800 or ebix@catalyst-ir.com
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