According to the Sun Nepal Life Insurance Company Ltd. and Nepal Clearing House Ltd. (NCHL) contract, the company’s different payment activities, including disbursements and collections, will be automated using the National Payment Interface (NPI) of the NCHL. The agreement was signed by NCHL CEO Neelesh Man Singh Pradhan and Sun Nepal Life CEO Raj Kumar Aryal in the presence of Mr. Raj Kumar Aryal, CEO of Sun Nepal Life, who also witnessed the signing.
As a result of this integration, Sun Nepal Life will be able to completely automate its payment process, including the reconciliation of accounts. It will be possible for Sun Nepal Life to process its disbursements such as payment against matured policies, claim proceeds, agent commission, salary payments, vendor payments, and investment placements directly into the bank accounts of beneficiaries through the use of the National Payments Interface (NPI), which is an integral part of the National Payment Switch (NPS). It will not be necessary for the beneficiary to travel to the company in order to pick up his or her checks. As stated by the maker, the insurance industry can benefit from the technology by automating its money management, which includes sweeping transactions from multiple accounts held at different institutions. Once the system is up and running, customers of Sun Nepal Life who have policies with the firm will be able to pay their premiums online through connectIPS or any of the bank branches or alternate channels of NCHL members. Sun Nepal Life customers who have policies with the company (BFIs and PSPs). As stated by the maker, the insurance industry can benefit from the technology by automating its money management, which includes sweeping transactions from multiple accounts held at different institutions.
The NCHL’s connectIPS platform for premium collection is already in use by thirty life and non-life insurance companies, among them is Sun Nepal Life, which has signed up with the NPI system together with eight other life insurance companies. The NCHL Payment Interface (NPI) is a consolidated interface that allows for interaction with different underlying payment systems. 68 non-bank institutions, including payment service providers, payment service organizations, insurance companies, and remittances; merchant banks; government and semi-government institutions; large corporations; and others; use the network, which has more than 60 BFI members and is supported by a network of over 60 BFI members.
The Sun of Nepal A fast increasing life insurance firm, Nepal Life Insurance Firm Limited has quickly established itself as a reliable and professional insurance provider in the country in a relatively short period of time. Throughout its history, the company has grown steadily in order to give the best possible customer service to customers from a variety of socioeconomic backgrounds and geographical locations. It has a strong branch network of 21 locations, which includes 169 sub-branches, that is scattered around the country. Additionally, it hopes that its association with NCHL will aid in the extension of its footprint in the digital insurance sector.