Kathmandu, Liberty Micro Life Insurance Limited has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payment processes, including disbursements and collections through NCHL payment systems. The agreement was signed by Mr. Ram Kumar Yadav, CEO of Liberty Micro Life Insurance Limited and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.
Liberty Micro Life has become one of the initial micro insurances to join NPS and hence will automate its payments by directly integrating its systems with National Payments Interface (NPI) of NCHL, enabling Liberty Micro Life to access various digital instruments available under National Payment Switch. It will fully support automating its payments including various disbursement and collection like premium payment, claim proceeds, agent commission, surveyor payment, salary payment, vendor payments, investment placements etc. Such transactions will be processed directly between the bank accounts of Liberty Micro Life and its beneficiary/ customers at any of the BFIs.
NPI, a part of National Payment Switch, is a consolidated interface for interconnection with multiple underlying payment systems of NCHL. It has over 53 BFIs within the network and is being used by more than 100 non-bank institutions including PSPs/PSOs, insurance companies, remittances, merchant banks, Government, Semi-Government institutions, large corporates, etc.
Liberty Micro Life Insurance is a public limited company established in January 2023 with the aim to expand the reach of insurance product and services to suburban and rural areas, creating financial awareness and providing insurance solution to the marginalized community for their financial stabilization. It has been adopting digital channels for improving service delivery and customer service and this engagement of Liberty Micro Life is expected to further improve its service delivery.