NEW DELHI : Max Life Insurance Co. Ltd announced on Thursday that it has joined the Account Aggregation (AA) framework introduced by the Reserve Bank of India (RBI) in September. Max Life is the first life insurer to do so.
Max Life worked with non-bank finance company (NBFC) FinVu, which is also an AA, and Finarkein, a data analytics company, to join the network as a Financial Information User (FIU). The insurer said it has joined the AA ecosystem to access customers’ financial information transparently and securely, which in turn will help reduce policy issuance times.
âOur partnership with FinVu and Finarkein is a step towards greater flexibility, scalability and security in the management of customer financial data, and at the same time, helps provide an agile and frictionless underwriting experience,â said Manu Lavanya , Director and Chief Operating Officer, Max Life.
The AA framework is designed to allow clients to securely share their financial data with the financial institutions from which they wish to benefit from the services. Customer data cannot be shared with any entity without their consent.
In the first phase, Max Life will lead a pilot project with a selected group of clients to examine the agility of the data flow, the technology requirements and the adoption of the AA ecosystem by the client, among others. “Based on the outcome of the first phase, Max Life will publish the business expansion plan in the next fiscal year, followed by the business deployment,” the insurer said in its official statement.
Partner fintech companies FinVu and Finarkein will help Max Life create streamlined data flow paths and technology architecture to consume data through the AA framework, the insurer said. âFinarkein will leverage its machine learning capabilities to create a model that provides insightful summaries of the client’s financial health,â he added.
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