The National Mobile Service Provider Mobitel’s Mobile Money platform mCash has partnered with Union Assurance PLC to offer the mCash platform to its Life Insurance Advisors for the Life Insurance policy payment collection process. With the launch of this new facility, Union Assurance Advisors are able to update their customer’s Life Insurance Policies immediately and conveniently while the customers are able to receive a SMS confirmation of their payment at the very moment of making the payment which ensures convenience, security and transparency to the customers when handing over their insurance premium payments.
The venture comes as a first of its kind in Sri Lanka where Mobitel mCash will offer its services to streamline the payment collection process of Union Assurance PLC to create a productive and competent mechanism to carry out its insurance functions. The range of insurance solutions offered by Union Assurance PLC would be effectively catered to support customer needs through the technological assistance delivered by the established mCash platform.
The technological resources and knowledge contributed by Mobitel mCash for the initiative would further harness growth potential that would enable Union Assurance PLC to tap new and upcoming markets that require insurance solutions for multiple purposes. The advanced mCash technology will facilitate business prospects in some of the most remote and distant regions outside urban communities.
With the rapid growth it has experienced over the years with a growing clientele, Mobitel has made a strong presence countrywide with mCash which enables its customers to maintain a mobile money account for a quick and convenient method of carrying out monetary transactions. Licensed under the Central Bank of Sri Lanka, mCash provides a full range of services that include depositing, withdrawing and transferring money, paying Utility bills, Insurance premiums and Leasing payments, settling payments to government institutions, making charitable donations and day-to-day purchases for goods and services.