Bhartiya Samruddhi Finance Limited (BSFL), an Indian non-banking finance company (NBFC) and member of the BASIX Group, has launched an automated microinsurance processing system in collaboration with Aviva Life Insurance India in a bid to reduce the transaction costs associated with microinsurance enrolment. Using “straight through processing” (STP), in which financial transactions are fully automated, clients will be able to enrol in microinsurance schemes in 24 hours.
Monica Agarwal, director of strategic initiatives and business development at Aviva, has reportedly said that the system will “help us serve our financially excluded and rural customers better and faster and enable us to provide them world class services at low cost…”
According to the US-based nonprofit Microfinance Information Exchange (MIX), BSFL reported total assets of USD 406 million, a gross loan portfolio of USD 362 million and 1.72 million active borrowers as of December 31, 2010.
By Rohan Trivedi, Research Associate
About Bhartiya Samruddhi Finance Ltd (BSFL):
Bhartiya Samruddhi Finance Limited (BSFL) is a regulated non-banking finance company (NBFC) based in Hyderabad, India, that was founded in 1997. It is part of the BASIX Group, which provides microfinance, agricultural and business development services to poor, rural households. According to the US-based nonprofit Microfinance Information Exchange (MIX), BSFL reported total assets of USD 406 million, a gross loan portfolio of USD 362 million and 1.72 million active borrowers as of December 31, 2010.
About BASIX Group:
BASIX Group is an Indian institution that consists of companies that provide various services targeted at poor people including microfinance, health insurance and agricultural and business development services. The BASIX Group operates through a holding company, Bhartiya Samruddhi Investments and Consulting Services Limited (BASICS Ltd). BASIX Group’s microfinance activities are carried out by two MFIs; Bhartiya Samruddhi Finance Limited (BSFL), a non-banking finance company (NBFC), and Krishna Bhima Samruddhi Local Area Bank Limited (KBSLAB), a rural bank. As of September 30, 2010, BASIX reported a gross loan portfolio of USD 402 million, approximately 3 million clients and operations in 16 Indian states and 6 other countries.
Sources and Additional Resources:
[1] The Economic Times: “Basix, Aviva to launch automated microinsurance policy process”, http://economictimes.indiatimes.com/news/economy/finance/basix-aviva-to-launch-automated-microinsurance-policy-process/articleshow/9225763.cms
MicroCapital.org story, May 30, 2011: “MICROCAPITAL BRIEF: BASIX Group of India Looks to Boost Fee-Based Income by Offering Commercial Banks Access to Its 3.5m Microfinance Customers”, https://www.microcapital.org/microcapital-brief-basix-group-of-india-looks-to-boost-fee-based-income-by-offering-commercial-banks-access-to-its-3-5m-microfinance-customers/
MicroCapital.org story, March 30, 2010: “MICROCAPITAL BRIEF: Indian BASIX Microfinance Institution Bhartiya Samruddhi Finance Ltd. (BSFL) Partners with Micro Home Solutions”, https://www.microcapital.org/microcapital-brief-indian-basix-microfinance-institution-bhartiya-samruddhi-finance-ltd-bsfl-partners-with-micro-home-solutions/
MicroCapital.org story, July 13, 2007: “MICROCAPITAL STORY: Aviva Life Insurance India to Provide Micro-Insurance to BASIX customers in India, in a Plan Called Grameen Suraksha”, https://www.microcapital.org/microcapital-story-aviva-life-insurance-india-to-provide-micro-insurance-to-basix-customers-in-india-in-a-plan-called-grameen-suraksha/
MicroCapital Universe Profile: Bhartiya Samruddhi Finance Ltd (BSFL), https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Bhartiya+Samruddhi+Finance+Ltd+%28BSFL%29
MicroCapital Universe Profile: BASIX Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=BASIX+Group
Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/
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