New Delhi, Delhi, India (NewsView) • Becomes the first life insurer to adopt Account Aggregator system • Partners with FinVu and Finarkein to securely access client pre-approved financial information for underwriting Max Life Insurance Co. Ltd. (“Max Life” https://www.devdiscourse.com/”Company “), is the first life insurer to enter the Account Aggregator (AA) ecosystem, a framework regulated by the RBI. The AA ecosystem enables clients to digitally share their financial information and data among various financial institutions within the AA framework. Sharing information requires customer consent, which makes the process highly transparent and secure.
Max Life worked with FinVu and Finarkein to adopt the AA ecosystem for transparent and secure access to clients’ financial information, thereby reducing policy issuance times. During the initial deployment phase, Max Life will conduct a pilot project with a specific cohort of customers to closely examine data flow agility, technology requirements, customer adoption of the AA ecosystem and ‘other relevant factors. Based on the results of the first phase, Max Life will release the commercial scale-up plan in the next fiscal year, followed by the commercial deployment.
Speaking on the integration of AA, Manu Lavanya, Director and COO at Max Life, said: “Innovation within the financial services ecosystem has multiplied, which has paved the way to greater collaboration. Our 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, helping to provide an agile and frictionless underwriting experience. In the coming months, we intend to expand the AA ecosystem through our clients and strengthen our position in innovation insurance. ”Finvu (Cookiejar Technologies Pvt. Ltd.), an account aggregator and Finarkein (Finarkein Analytics Private Limited), a technology service provider will help Max Life create robust and streamlined data flow paths and architecture to consume data through the AA framework and further assist with solution design. Finarkein will leverage its machine learning capabilities to create a model that provides insightful summaries on the client’s financial health.
About Max Life Insurance (www.maxlifeinsurance.com) Max Life Insurance Company Limited is a joint venture between Max Financial Services Limited and Axis Bank Limited. Max Financial Services Ltd. is part of the Max Group, an Indian multi-company company.
Max Life offers comprehensive life insurance protection and long-term savings solutions, through its multi-channel distribution including agencies and third-party distribution partners. Max Life has built its operations over nearly two decades through a needs-based sales process, a customer-centric approach to engagement and service delivery, and trained human capital.
According to public disclosures and annual audited financial statements for fiscal year 20-21, Max Life achieved a gross written premium of INR 19,018 crore. As of March 31, 2021, the Company had INR 90,407 crore in assets under management (AUM) and an outstanding sum insured of INR 1,087,987 crore.
For more information, please visit the company’s website at www.maxlifeinsurance.com.
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