Kathmandu: Premier Insurance Company has got connected in the digital payment network of Nepal Clearing House (NCHL)’s payment systems. An agreement has been reached between Premier Insurance and NCHL to make its payment transactions digitally using NCHL’s payment systems.
According to the press release issued by NCHL, with the agreement, Premier Insurance becomes the first non-life insurance company to connect to the National Payment Interface (NPI) under NCHL’s National Payment Switch (NPS). In addition, 7 life insurance companies are already affiliated with NPI.
The NPI will ease the insurance claims payments, credit note payments, agent commissions, survey payments, salaries, vendor payments and other investment-related transactions linked to the bank accounts. This will allow Premier Insurance to easily transfer payment transactions from its various accounts to its operating account. The NPI provides paperless payment service for its member organization.
Insurers of more than 30 life and non-life insurance companies, including Premier Insurance, have been collecting their insurance premiums online through Connect IPS(digital payment system).