Sun Nepal Life Insurance joinsNPI; MoU to automate payment process of life insurance company
Sun Nepal Life Insurance Co. Ltd. has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payment processes, including disbursements and collections through National Payment Interface (NPI) of NCHL. The agreement was signed by Mr. Raj Kumar Aryal, CEO of Sun Nepal Life, and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
With this integration, Sun Nepal Life will be able to fully automate its payment process including reconciliations. Sun Nepal Life will directly integrate its system(s) with National Payments Interface (NPI), an integral part of National Payment Switch (NPS), enabling the insurance company to process its disbursements such as payment against matured policies, claim proceeds, agent commission, salary payments, vendor payments, investment placements directly to the bank account of the beneficiaries. The beneficiary will not require to visit the company for collecting cheques. The insurance company can use the system to automate its fund management including sweeping transactions from multiple accounts held at different banks. Once the system comes into operation, the policyholders of Sun Nepal Life will also be able to pay their premium online through connectIPS or any of the bank branches or alternate channels of NCHL members (BFIs and PSPs). The insurance company can use the system to automate its fund management including sweeping transactions from multiple accounts held at different banks.
Sun Nepal Life along with 8 other life insurance companies have subscribed for NPI system and 30 life and non-life insurance companies are already using NCHL’s connectIPS platform for their premium collection. NPI is a consolidated interface for interconnection with multiple underlying payment systems of NCHL and has over 60 BFIs within the network and is being used by 68 non-bank institutions including PSPs, PSOs, insurance companies, remittances, merchant banks, Government, Semi-Govt institutions, large corporates, etc.
Sun Nepal Life Insurance Company Limited is a fast-growing life insurance company, which has established itself as a reliable and professional insurance provider in the country in a very short span of time. With its strong vision, it has been continuously growing to provide the best customer service to people of all economic statuses and geographical locations through a strong branch network of 21 including 169 sub-branches throughout the country. And it believes that this partnership with NCHL will help extend its presence in the digital insurance segment also.
For more information, visit www.nchl.com.np
