India to use e-payments options for renewal payments

[img_assist|nid=9954|title=|desc=|link=none|align=left|width=69|height=100]Indian insurance companies are shifting their focus to innovative methods of renewal payments so as to improve customer service in a competitive environment. A number of private players in the country are already operating such systems as e-payments and payment through mobile phone SMS and now Life Insurance Corporation of India, the biggest player is rapidly catching up.

Mr K.S. Nagnyal, Regional Manager, Marketing, LIC notes that many customers are searching for the electronic payments opportunity. To meet this demand the company is offering transactions through electronic clearing systems in tie-ups with leading banks, payments through SMS, customer portals and by credit cards at ATMs of Corporation Bank and Axis Bank.

Ms Anita Rai, Executive Vice-President at ICICI Prudential Life Insurance reports that at the moment nearly 65% of renewal premium payments are made through different electronic options. She reveals that the company will be the first to introduce computerized interactive voice response facility for paying premiums without disclosing credit card information.

One more company Max New York Life is planning to set up automated kiosks in its branches and banc assurance offices to facilitate payments through credit cards as reported by Mr Sanjeev Mago, Executive Vice-President.