United India launches premium payment on mobile

United India launches premium payment on mobile

Last Updated: Tue, Sep 25, 2012 16:50 hrs

Chennai, Sep 25 (IANS) The government owned non-life insurer United India Insurance Company Ltd. Tuesday became the first Indian insurer to activate mobile phone premium payment and would look at claims settlement through this payment channel, said a top company official.

"United India is the first insurance company - life and non-life put together - to launch the mobile phone premium payment facility. This is in continuation with our other customer-friendly approach like online sourcing of policies, online portals for motor dealers, agents for buying policies," chairman and managing director G.Srinivasan told reporters here.

Citing the penetration of mobile phones in the country, he said United India has around two crore policyholders and a sizeable number of them can opt for mobile payment channel.

"We will also look at settling claim to our policyholders through this payment channel. Most of our payments are now in electronic form," Srinivasan said.

He said sufficient safeguards are there so that only the policy holder makes the premium payment on mobile and not anybody else who may not have any insurable interest in a property.

He said the company would focus on retail, small and medium enterprises during this fiscal.

Srinivasan said the company will also leverage the business correspondents of various banks to grow its business in rural areas.

He said Standard Chartered Bank offering cash management services for United India will receive the premium paid through mobile phones.

"We handle around Rs.4,000 crore of cash/cheques for United India. When a policyholder pays his premium through his mobile phone, the cash will be received by us," said Amareesh Gulati, the bank's managing director - transaction banking and regional head, products, South Asia.

"We are in the process of talking to a large FMCG (fast moving consumer goods) company for this service. We are talking to many companies," Gulati told IANS.

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