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Insurance
28-Oct-21
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Max Life Insurance becomes first life insurer to adopt Account Aggregator system
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Max Life Insurance, in collaboration with FinVu and Finarkein, has adopted the Account Aggregator (AA) ecosystem, an RBI regulated framework.
Max Life Insurance is the first insurer to adopt the AA ecosystem, which allows customers to digitally share their financial information and data across various financial institutions.
“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," said Manu Lavanya, director and chief operations officer.
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.
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