Kathmandu. KATHMANDU: Nepal Insurance Authority (NEA) and Nabil Bank Limited have signed an agreement for API integration to automate the Airmark system. The agreement was signed by the bank’s Chief Executive Officer Sushil Dev Subedi and Chief Executive Officer of the bank.
Speaking on the occasion, Executive Director Subedi expressed his confidence that the agreement would contribute to transform the insurance sector’s airmark system into complete automation.
He also said that this will help make the insurance regulation and inspection work more efficient and transparent by making the investment process of the insurers faster, faster and flawless.
Under the API integration, the airmark management of the investment made by insurers on fixed deposits will be made easy, secure and reliable through technology.
This system will automatically authenticate the block and unblock requests sent from the authority to the bank and only accept the request with the correct details, and in case of erroneous details, the system will automatically send it back to the insurer through the Airmark platform.
For this integration, Nabil Bank has developed a special middleware. This provides direct access to the bank’s core banking system to the fixed deposit details received from the insurers through the authority. The system will automatically accept only correct details and reject erroneous details.
This agreement is another step towards digital transformation and technology-friendly regulations for Nepal Insurance Authority, which is expected to contribute in improving efficiency, transparency and timely service delivery.
The program was also attended by Dhruba Timilsina, Director of Nepal Insurance Authority, Rajendra Maharjan, Deputy Director and Rabindra Shrestha, Deputy Director and Chief of Wholesale Liability of Nabil Bank, Laxmi Lamichhane Dhakal.
