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    IndiaFirst Life Partners with Spice Money to ease fresh premium collections in Rural and Semi-Urban Regions

    Published on December 1, 2019

     

    By Sachin Murdeshwar

    Mumbai: IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Andhra Bank announced its association with Spice Money. Through this partnership, IndiaFirst Life will leverage Spice Money’s payment platform to equip PoS agents to collect premiums for IndiaFirst Life’s PoS products.

    Spice Money’s award-winning PPI platform provides seamless money collection solutions, which are among the best in the industry. IndiaFirst Life will leverage Spice Money’s experience and expertise in the payment’s domain, especially in the semi-urban and rural parts of India. This will allow the insurer to make the process of premium collection even more efficient for its PoS team.

    RM Vishakha, MD & CEO, IndiaFirst Life Insurance Company Ltd. said, “IndiaFirst Life has a vision to provide insurance across the diaspora of the citizens of India. We believe that with the advent of technology and the creation of micro products, we are in a position to extend reach to under-served and under penetrated areas of the country to inculcate the long-term savings and insurance culture. The partnership with Spice Money provides the digital platform and the aligned vision to take risk management solutions to the last mile, in an integrated manner.”

    Dilip Modi, Chairman, Spice Money, said, “We are proud to be associated with IndiaFirst Life, which believes in insuring the certainties in life by reaching out to the last mile segment of customers with its customized products and services. Semi urban and rural India is at a very early stage of adoption of smartphones and mobile data. They need assistance in getting onboarded on to digital platforms and that is the opportunity that Spice Money is going after. We want our payment solution to be a one stop shop for every financial need of the customer and serve as the bridge between the served and the un-served, providing financial services to every individual with limited accessibility.”

    IndiaFirst Life POS Persons will be equipped and trained to use Spice Money payment collection solutions for premium collection. IndiaFirst Life believes excellence in critical business areas is a function of enabling empowering customers as well as working environment and practices. The Company has always sought excellence across functions – be it in the area of need-based product development, heightened focus on customer service or digitalised sales enablement that caters to every customer. The innumerable external acknowledgements that the company has received during the past year validate it being well on its way towards fulfilling its #CustomerFirst objectives.

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