Reliable Nepal Life Insurance has signed an agreement with Nepal Clearing House Ltd. (NCHL) as the first life insurance company for automating its various payment related processes including disbursements and collections through NCHL payment systems. The agreement was signed by Narayan Babu Lohani, CEO of Reliable Nepal Life Insurance and Neelesh Man Singh Pradhan, CEO of NCHL on June 10.
With this, the insurance company will directly integrate its system with NCHL-IPS and Connect IPS e-Payment systems enabling the insurance company to process the disbursements, like agent commission, salary payment, vendor payments and investment placements. Once the system comes into operation, the policy holders of Reliable Nepal Life Insurance will be able to pay their premium online through Connect IPS e-Payment or any of the 5,000+ bank branches. All such transactions will be processed directly through the bank accounts of the insurance company and the beneficiaries/ customers.