IndiaFirst Life ropes in Spice Money for premium collection from semi-urban, rural centers

IndiaFirst Life Insurance Corporation has tied up with Spice Money to leverage its payment network to collect premiums from customers. Through this partnership, IndiaFirst Life will leverage Spice Money's payment platform to equip point of sale (PoS) agents to collect premiums for IndiaFirst Life's PoS products to be used especially in semi-urban and rural parts, the life insurer said in a release.

This will allow the insurer to make the process of the premium collection even more efficient for its PoS team, it said. "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," said R M Vishakha, managing director and chief executive officer, IndiaFirst Life Insurance Company Ltd.

Spice Money Chairman Dilip Modi said semi-urban and rural India is at an early stage of adoption of smartphones and mobile data. They need assistance in getting onboard digital platforms and that is the opportunity that Spice Money is going after, Modi said.

IndiaFirst is promoted by Bank of Baroda and Andhra Bank, which hold 43.30 percent and 29.53 percent stakes in the company, respectively. Carmel Point Investments India Pvt Ltd, owned by private equity funds managed by Warburg Pincus, holds a 27.17 percent stake in the life insurer.