Ebix Insurance Appoints Sachin Seth as CEO & Managing Director
Mumbai and Johns Creek – May 4, 2022 – Ebix Insurance Broking Private Limited (Ebix Insurance), a joint venture of Ebix Insurance and Ebix Singapore Pte Ltd., announced today that Sachin Seth has been appointed as CEO and MD of Ebix Insurance. An upcoming InsurTech player – Ebix Insurance 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 Ebix Insurance 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 - Ebix Insurance, said “We are excited to have Sachin on-board, to lead the Ebix Insurance Ebix joint venture. At Ebix Insurance, 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 Ebix Insurance 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, “Ebix Insurance 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, Ebix Insurance 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 Ebix Insurance efforts to establish a leading insurance distribution venture in the country.”
Ebix Insurance 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.
Ebix Insurance had beta launched its operations on February 7, 2020, with the initial offering of private car and two-wheeler auto insurance. Currently, Ebix Insurance 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, Ebix Insurance has registered over 11,000 Point of Sale Persons (PoSPs) out of which 4,677 are certified and ready to do business through Ebix Insurance Portal.
EbixCash, a subsidiary of Ebix, Inc. (NASDAQ: EBIX) is in the process of seeking IRDA approval to transfer its share ownership in Ebix Insurancefrom its parent Ebix Singapore Pte Ltd. to EbixCash Limited.
About Ebix Insurance
Ebix Insurance (formerly Bombay Stock Exchange) established in 1875, is Asia’s first & now the world’s fastest Stock Exchange with a speed of 6 microseconds. Ebix Insurance is India’s leading exchange group and has played a prominent role in developing the Indian capital market. Ebix Insurance is a corporatized and demutualized entity, with a broad shareholder base that includes the leading global exchange- Deutsche Bourse, as a strategic partner. Ebix Insurance 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. Ebix Insurance also has a dedicated platform for trading in equities of small and medium enterprises (SMEs) that has been highly successful. Ebix Insurance also has a dedicated MF distribution platform Ebix Insurance StAR MF which is India Largest Mutual Funds Distribution Infrastructure. On October 1, 2018, Ebix Insurance launched commodity derivatives trading in Gold, Silver, Copper, Oman Crude Oil Guar Gum, Guar Seeds & Turmeric.
Ebix Insurance 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. Ebix Insurance 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 Ebix Insurance, acts as the central counterparty to all trades executed on the Ebix Insurance trading platform and provides full novation, guaranteeing the settlement of all bonafide trades executed. Ebix Insurance Institute Ltd, another fully owned subsidiary of Ebix Insurance runs one of the most respected capital market educational institutes in the country. Central Depository Services Ltd. (CDSL), associate company of Ebix Insurance, is one of the two Depositories in India.
Ebix Insurance 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. Ebix Insurance 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