Asian Life Insurance fully automates its payments; partners with NCHL and NIC ASIA Bank to carry out digital payout transactions

Asian Life Insurance Co. Ltd. has partnered with Nepal Clearing House Ltd. (NCHL) through NIC Asia Bank Ltd. as its settlement bank to integrate its system with National Payments Interface (NPI) of NCHL and its banks such that all the payments will be processed through the underlying payment systems of connectIPS e-Payment and NCHL-IPS systems.

With this arrangement, Asian Life will be able to automate its payout transactions directly into the beneficiary account. Such payouts include payment of matured insurance policies to its policyholders, claim proceeds, agent commission, salary payments, vendor payments, investment placements.  Asian Life had already used various digital channels for its premium collection from its customers and agents. And with this automation, Asian Life expects to further improve service delivery and operational efficiency. The beneficiary does not have to visit the company for collecting cheques rather will be directly deposited in their bank accounts. Similarly, the company will be able to mobilize its fund between multiple accounts.

Asian Life along with other 28 life and non-life insurance companies are already using NCHL’s connectIPS e-payment for their premium collection and 6 other insurance companies have already subscribed for NPI system. NPI is a consolidated interface for interconnection with multiple underlying payment systems of NCHL that has over 61 BFIs within the network and is being used by 56 non-bank institutions including PSPs/PSOs, insurance companies, remittances, merchant banks, Government, Semi-Govt institutions, etc.

Asian Life lnsurance Co. Ltd. is the company promoted by eminent institutional and individual promoters. It has been providing various insurance-related services to its customer for 14+ years of operation. It has 146 branches and over 93 thousand agents all over Nepal providing services to its 5 lakh 68 thousand policyholders.