Kathmandu. On the last day of the current fiscal year, Nepal’s insurance companies are in a hurry to issue new policies and meet business targets. The offices of insurance companies across the country will remain open till midnight today for the final audit and business management of the financial year.
Companies have mobilised their employees on high alert to finalise their payments, renewals and issuance of new policies.
The insurance agent and the company’s marketing teams are proactive until the last minute to help them meet their annual business goals. Employees are working overtime after being unable to approve the collected insurance proposals and issue policies.
“We are ready to work until midnight to enter the proposals brought by the agents in the system and issue the policy. , said one branch manager, “This is the most stressful and exciting day of the year. “
As thousands of insurance proposals from all over the country are entering the online system at once, the internal software and servers of insurance companies are under increasing technical pressure. In the past years, companies have also kept the technical team on alert with special preparation.
Although the physical congestion has lessened this year due to the increase in the number of customers paying premium through digital wallets and online banking, the digital pressure on the system remains the same.
Due to the traditional tendency of renewing and renewing insurance in a hurry only on the last day of the year, both the service recipients and the insurer have to face mental pressure. According to insurance experts, if the business is spread proportionately throughout the year and the digital system is further strengthened, then the rush to the midnight of the month of July can be reduced.
The insurance business for the current fiscal year will officially close after 12 midnight today. Due to the directive of the Nepal Insurance Authority, the insurer will not be able to underwrite the new insurance proposal on the last day of June.
