Max Life Insurance Co. Ltd. (“Max Life” / “Company”), is the first life insurer to enter the Account Aggregator (AA) ecosystem, an RBI regulated framework. AA ecosystem allows the customers to digitally share their financial information and data across various financial institutions within the AA framework. The sharing of information requires consent from customers, making the process highly transparent and secure.
Max Life has collaborated with FinVu and Finarkein to adopt the AA ecosystem for seamless and secure access of customers’ financial information, thereby reducing timelines for policy issuance. During the initial deployment phase, Max Life will run a pilot project with a specific cohort of customers to closely examine the agility of data flow, technological requirements, embracement of the AA ecosystem by the customer, and other relevant factors. Based on the result of the first phase, Max Life will release the commercial scale-up plan in the next fiscal, followed by the commercial roll-out.
Speaking on the AA integration, Manu Lavanya, Director and Chief Operations Officer, Max Life said, “Innovation within the financial services ecosystem has increased manifold that has paved the way for greater collaboration. Our partnership with Finvu and Finarkein is a step towards bringing greater flexibility, scalability, and security to the customer financial data management, and at the same time, aiding to provide an agile and frictionless underwriting experience. In the coming months, we intend to expand the AA ecosystem across our customers and strengthen our position in insurance innovation.”
Finvu (Cookiejar Technologies Pvt. Ltd.), an account aggregator and Finarkein (Finarkein Analytics Private Limited), a technology service provider will aid Max Life in building robust and streamlined data flow journeys and architecture to consume data through the AA framework and further assist with the solution design. Finarkein will leverage its machine learning capabilities to create a model that provides insightful summaries on the customer’s financial health.