Streamlining Payment Processes for Reliance Nippon Life insurance Company with Phi Commerce’s Omnichannel Solutions

Phi Commerce, an omnichannel payment solution provider, has recently announced a strategic partnership with Reliance Nippon Life insurance Company (RNLICL) to streamline the insurer’s payment processes, including premium collections. This collaboration will leverage Phi Commerce’s digital payment platform to integrate multiple payment platforms across online, point of sale, and doorsteps, providing a seamless payment experience for the insurance company’s policyholders.

The partnership aims to enhance the quality of service, ease of transaction, and reduce transaction failures for RNLICL’s customers. By utilizing Phi Commerce’s insurance-centric solutions, the insurer can achieve up to a 10% higher payment success rate through smart routing, a 60% reduction in back-office operations, and unified operations across multiple payment aggregators and gateway providers. Additionally, the new system is compliant with global security standards like PCI DSS, ensuring a smooth refund process and enhancing customer satisfaction.

Tushar Shankar, Co-founder & Head – Global Sales at Phi Commerce, highlighted the importance of payment orchestration for the banking, finance, and insurance sectors, with over 32% of early adopters coming from these industries. Phi Commerce’s insurance-centric product aims to address key challenges faced by insurance companies in terms of customer satisfaction and cost of payments.

Based in Pune, Phi Commerce is a FinTech start-up that enables businesses to embrace the digital payment ecosystem through integrated and agile innovations. Their unified omnichannel payment platform caters to the comprehensive B2B and B2C payment requirements of businesses, spanning online and offline channels.

Overall, the partnership between Phi Commerce and RNLICL signifies a step towards digital transformation in the insurance industry, providing customers with a seamless payment experience and enhancing operational efficiency for the insurer. With the implementation of Phi Commerce’s innovative payment solutions, RNLICL is poised to improve customer satisfaction and streamline its payment processes for long-term success in the digital era.