19th Feb 2021, Kathmandu
Prime Life Insurance Co. Ltd. has started today, as the first insurance company, to fully automate its payment process such that all outgoing payments will be transferred directly into the bank accounts of the beneficiary.
It has integrated its system with the National Payments Interface (NPI) of NCHL and its banks such that all the payments will be processed through the underlying payment systems of connect-IPS e-Payment and NCHL-IPS systems.
Prime Life will be initially using Siddhartha Bank Ltd. for initiating such transactions.
With this arrangement, Prime Life will be able to timely pay to the insurance clients, agents, and others directly into their bank accounts related to claim proceeds, agent commission, salary payments, vendor payments, and investment placements.
It is expected to improve the service delivery and the operational efficiency of the company.
Prime Life along with other 23 life and non-life insurance companies are already using NCHL’s connectIPS e-payment for their premium collection and 4 other insurance companies have already subscribed for the 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 51 non-bank institutions including PSPs/PSOs, insurance companies, remittances, merchant banks, Government, Semi-Govt institutions.
Prime Life insurance Co. Ltd. is the company promoted by eminent business groups. It has been able to carve a niche for itself in the insurance sector with 13+ years of operation.