Insurance premium payments via mobile !! ~ Hackinthus

Wednesday, September 26, 2012

Insurance premium payments via mobile !!

By- Harkirat Singh(facebook)(twitter)
                                                      Now pay your Insurance premium via your mobile,United india has became the first insurance company to accept mobile payments for premium.The city-based company launched 'M-Power' an application that can be used by the public to pay their premiums using a mobile phone.
                                                The facility enables customers to remit the premium through mobile phones, using the mobile number and MMID (mobile money identifier) of the company.With increasing mobile phone subscriber base, pay-by-phone systems could become an effective tool to realise financial inclusion, Mr. Srinivasan said.


                                                                United India, which collected Rs. 8,179 crore premium in 2011-12, is the first insurance provider in both life and non-life insurance to offer this service, he said.According to him, United India has about 2 crore customers. "I think in the next two years, at least 5 to 7 per cent of our customers will use this platform to pay their premiums," he later told PTI.


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