MUMBAI, NOVEMBER 28^th, 2019,(GPN): IndiaFirst Life Insurance Company Limited (IndiaFirst Life), promoted by Bank of Baroda and Andhra Bank announced its association with Spice Money. Through this partnership, IndiaFirst Life will leverage Spice Money’s payment platform to equip PoS agents to collect premiums for IndiaFirst Life’s PoS products.

Spice Money’s award-winning PPI platform provides seamless money collection solutions, which are among the best in the industry. IndiaFirst Life will leverage Spice Money’s experience and expertise in the payment’s domain, especially in the semi-urban and rural parts of India. This will allow the insurer to make the process of premium collection even more efficient for its PoS team.

RM Vishakha, MD & CEO, IndiaFirst Life Insurance Company Ltd. said, “IndiaFirst Life has a vision to provide insurance across the diaspora of the citizens of India. We believe that with the advent of technology and the creation of micro products, we are in a position to extend reach to under-served and under penetrated areas of the country to inculcate the long-term savings and insurance culture. 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.”

Dilip Modi, Chairman, Spice Money, said, “We are proud to be associated with IndiaFirst Life, which believes in insuring the certainties in life by reaching out to the last mile segment of customers with its customized products and services. Semi urban and rural India is at a very early stage of adoption of smartphones and mobile data. They need assistance in getting onboarded on to digital platforms and that is the opportunity that Spice Money is going after. We want our payment solution to be a one stop shop for every financial need of the customer and serve as the bridge between the served and the un-served, providing financial services to every individual with limited accessibility.”

IndiaFirst Life POS Persons will be equipped and trained to use Spice Money payment collection solutions for premium collection. IndiaFirst Life believes excellence in critical business areas is a function of enabling empowering customers as well as working environment and practices. The Company has always sought excellence across functions – be it in the area of need-based product development, heightened focus on customer service or digitalised sales enablement that caters to every customer. The innumerable external acknowledgements that the company has received during the past year validate it being well on its way towards fulfilling its #CustomerFirst objectives.

About IndiaFirst Life Insurance Company Ltd:

Headquartered in Mumbai, IndiaFirst Life Insurance, with a paid-up share capital of INR 635 crores, is one of the country’s youngest life insurance companies. It is promoted by two of India’s largest public-sector banks – Bank of Baroda and Andhra Bank, which hold 43.30 percent sand 29.53 percent stakes in the company, respectively. Carmel Point Investments India Private Limited incorporated by Carmel Point Investment Ltd, a body corporate incorporated under the laws of Mauritius and owned by private equity funds managed by Warburg Pincus LLC also holds 27.17 percent stake in IndiaFirst Life. The company’s key differentiator is its simple, easy-to-understand products that are fairly-priced and efficiently serviced. The company has garnered over INR 15,000 crore of assets under management (AUM), as on March 31, 2019.   Today, IndiaFirst Life is present in over 1,000 cities and towns across the country. The company’s human capital philosophies have won the company a place in the ” India’s Top 20 Best Workplaces in BFSI – 2019’.” by the Great Place To Work ® Institute.

For details, please visit https://www.indiafirstlife.com/

About Spice Money:

Spice Money, a business unit of DiGiSPICE, uses unrivalled technology to enable next door kirana store to function as a ‘MINI BANK’ Branch. It is one of India’s largest Tech-enabled Hyper Local Payments Network offering various services like cash deposit, cash withdrawal, balance inquiry, bill payments; Aadhaar enabled services, air time recharge, PoS services, railway ticketing services etc. through our authorized agents. Its Endeavour is to bridge the gap between the served and the un-served, providing banking services to customers at their doorstep. We are a one-stop solution for providing seamless financial services. Spice Money holds various licenses like Prepaid Instruments License (PPI) & Bharat Bill Payment System (BBPS) (from Reserve Bank of India), KUC User Authentication (KUA from UIDAI) etc. It is a CMMI level 3 compliant and ISO 9001 and 27001 certified company.

Spice Money has created a ‘Cloud Infrastructure’ with cutting edge technologies to empower their agents which are widely spread across geographies with its product and services pertinent to them and their customers. Spice Money covers more than 70% of pin codes across India and it is nearly 100% in BIMARU states. They are committed to providing customers and agents, best financial services with their proven expertise. They serve 40million unique customers through its strong deep rooted network of agents.

For details, please visit https://www.spicemoney.com/