Phi Commerce streamlines payment solutions for Reliance Nippon Life Insurance

By Gloria Mathias

Phi Commerce, an omnichannel payment solution provider, has announced that it will manage payment solutions for Reliance Nippon Life Insurance Company (RNLICL) to streamline the insurer’s payment processes, including premium collections, as per the company’s statement.

This strategic partnership leverages the Phi Commerce digital payment platform to streamline the insurer’s premium collection process. The arrangement will seek to integrate multiple payment platforms across online, point of sale and doorsteps using Phi Commerce’s omnichannel solutions.

The insurance company’s policyholders will experience a better quality of service, ease of transaction, and one of the lowest transaction failures using these sophisticated payment systems.

The deal will also simplify the insurer’s workflow. The insurer uses multiple payment modes, including UPI (unified payment interface), debit and credit cards and more.

Phi Commerce insurance-centric solutions provide up to a 10% higher payment success rate via smart routing, a 60% reduction in back-office operations, unified operation across multiple existing payment aggregators and gateway providers, as well as a higher level of consumer insights for better product mapping. The new system, compliant with global security standards like PCI DSS, will also ensure a smooth refund process, designed to handle exceptions, automatically flagging issues for quick resolution, thereby enhancing customer satisfaction.

“Over 32% of early adopters of payment orchestration are from the banking, finance, and insurance segments. We have an insurance-centric product that helps insurance companies address their key challenges in terms of customer satisfaction and cost of payments,” said Tushar Shankar, Co-founder & Head – Global Sales, Phi Commerce.

Pune-based FinTech start-up Phi-Commerce enables businesses to embrace the digital payment ecosystem using integrated and agile innovations, enabling smooth and flexible payments across all consumer touchpoints – browser, mobile, in-store and remote.

Phi Commerce offers a unified omnichannel payment platform catering to the comprehensive B2B and B2C payment requirements of businesses, spanning across online and offline channels.