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e-Payments for insurance customers

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Insurance companies such as Life Insurance Corporation (LIC) and Max New York Life are introducing e-Payment system for its customers in order to make payments easier.

LIC, India is introducing e-Payments renewal system for providing better customer service for catching up in a competitive e-Payment environment.

The LIC e-Payment system offers facilities like transactions through electronic clearing systems in tie-ups with leading banks. Customers can make their payments through SMS, customer portals and by credit cards at ATMs of Corporation Bank and Axis Bank.

At present about 65 per cent of the renewal premium payments are made through different electronic means. Approximately, 20 per cent make their payments through drop boxes and the balance in cash. LIC plans to launch a system, which will be the first of its kind in India, for paying premiums by logging on to computerised interactive voice response facility. The customer can make the payment without disclosing the credit card numbers or policy details to the call centre executive.

Max New York Life also plans to launch automated kiosks in its branches and bancassurance offices for facilitating payments through credit cards. The insurance company plans to tie-up with 5,000 post offices in the country for deploying such e-Payment system.

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