Sanima Life Insurance Ltd. has signed an agreement with Nepal Clearing House Ltd. (NCHL) to use NCHL’s National Payments Interface (NPI) to automate its various payment-related processes, including disbursements and collections. Mr. Agam Mukhiya, CEO of Sanima Life Insurance Ltd., and Mr. Neelesh Man Singh Pradhan, CEO of NCHL, signed the agreement.
Sanima Life will directly integrate its system(s) with NPI and its banks, allowing the insurance firm to process disbursements such as claim proceeds, agent commissions, salary payments, vendor payments, and investment placements via the underlying payment systems of connectIPS e-Payment and NCHL-IPS systems. All such transactions will be processed directly between the insurance provider and the beneficiaries/customers’ bank accounts.
Sanima Life policyholders’ premiums could be collected from all of the connectIPS networks, including the mobile app, connectips.com, and any of the bank branches.
Sanima Life Insurance Ltd. was established in B.S. 2074 and is backed by Sanima Bank and Nepalese non-residents (NRN). Sanima Life Insurance is a well-known brand in Nepal’s life insurance industry, and it believes that partnering with NCHL will enable it to expand its presence in insurance products delivered through various digital channels.
Nepal Rastra Bank and banks and financial institutions (BFIs) are promoting NCHL to establish multiple national payment systems in Nepal. Its NCHL-ECC, NCHL-IPS, connectIPS e-Payment, connectRTGS, NPI, and CORPROATEPAY systems are currently in use, with almost all BFIs participating.