Citizen Life Insurance Company signed an agreement with Nepal Clearing House Ltd (NCHL) for automating its various payments related processes including disbursements and collections through NCHL payment systems. The agreement was signed by Poshak Raj Paudel, CEO of Citizen Life Insurance and Neelesh Man Singh Pradhan, CEO of NCHL on November 13. With this, Citizen Life will directly integrate its system(s) 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 operations, the policy holders of Citizen Life will also be able to pay their premium online through connect IPS e-Payment or any of the bank branches. All such transactions will be processed directly through the bank accounts of the insurance company and the beneficiaries/customers.
