Phi Commerce to manage payment solutions for Reliance Nippon Life Insurance

• Strategic partnership leverages Phi Commerce digital payment platform to streamline the payment collection process for the insurer's premium collections.
• Policyholders of the insurance company will experience a better quality of service with ease of transaction and one of the lowest transaction failures.

MUMBAI, India, May 13, 2024 /PRNewswire/ -- Omnichannel payment solution provider Phi Commerce will manage payment solutions for Reliance Nippon Life Insurance Company (RNLICL) for streamlining the insurer's payment processes, including premium collections, a company statement said. The arrangement will seek to integrate multiple payment platforms across online, point of sale and doorstep using Phi Commerce's omnichannel solutions.

Policyholders of the insurance company will experience a better quality of service with ease of transaction and one of the lowest transaction failures using these sophisticated payment systems. The deal will also simplify the workflow for the insurer which engages multiple payment modes, including UPI (unified payment interface), debit and credit cards and more.

Phi Commerce insurance-centric solutions provide up to 10% higher payment success rate via smart routing, 60% reduction in back-office operations, unified operation across multiple, existing payment aggregators and gateway providers as well as 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 segment. 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.

About 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.