Nepal Insurance Authority Directs Non-Life Insurers to Adopt Software-Based Policy Issuance

Kathmandu – The Nepal Insurance Authority (NIA) has mandated non-life insurance companies to issue policies using real-time software, marking a significant step toward digitizing Nepal’s insurance sector. This initiative, supported by the Ministry of Agriculture and Livestock Development, aims to streamline the issuance of agriculture and livestock insurance policies.

Starting from December 1, insurers will begin issuing vegetable insurance policies through software, while other policies in agriculture and livestock will still be issued via physical methods. The Authority plans to expand software-based issuance to additional policies following an evaluation of the system’s effectiveness. A dedicated mobile application to facilitate this process will also be introduced, with operational details to follow.

To ensure a smooth transition, the Authority has instructed insurers to conduct training programs for employees, agents, technicians, loss assessors, and other stakeholders. These sessions, organized in coordination with the Authority, will be held at both central and provincial levels as needed.

The software-based system is expected to enhance efficiency, reduce paperwork, and improve service delivery in the insurance sector. In case of technical challenges or queries related to the software’s operation, the Authority has assured insurers that its employees will provide the necessary assistance.