Prime Life Insurance Co. Ltd. has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payments related processes, including disbursements and collections, through NCHL payment systems.
The agreement was signed by Mr. Manoj Kumar Bhattarai, CEO of Prime Life Insurance Co. Ltd., and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
With this, Prime Life will directly integrate its system(s) with NCHL-IPS and connectIPS e-Payment systems enabling the insurance company to process the disbursements, like claim proceeds, agent commission, salary payment, vendor payments, and investment placements. Once the system comes into operation, the policyholders of Prime Life will also be able to pay their premium online through connectIPS e-Payment or any of the bank branches. All such transactions will be processed directly through the bank accounts of the insurance company and the beneficiaries/ customers.
Prime Life insurance Co. Ltd. established in June 2007 has been promoted by eminent business groups including Laxmi Bank Ltd. It has been able to carve a niche for itself in the insurance sector. And it believes that this partnership with NCHL will help extend its presence in the insurance products delivered through various digital channels.
NCHL is promoted by Nepal Rastra Bank, banks and financial institutions (BFIs), and Smart Choice Technology Ltd. to establish multiple national payment systems in Nepal. Its NCHL-ECC, NCHL-IPS, and connectIPS e-Payment systems are currently in operations with the participation of almost all the BFIs.