Becomes the first life insurer to adopt the Account Aggregator system
Partners with FinVu and Finarkein to securely access pre-approved customers’ financial information for underwriting
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.
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 a part of the Max Group, an Indian multi-business corporation.
Max Life offers comprehensive protection and long-term savings life insurance solutions, through its multi-channel distribution including agency and third-party distribution partners. Max Life has built its operations over almost two decades through a need-based sales process, a customer-centric approach to engagement and service delivery and trained human capital.
As per public disclosures and annual audited financials for FY20-21, Max Life has achieved a gross written premium of INR 19,018 crore. As of 31st March 2021, the Company had INR 90,407 crore of assets under management (AUM) and a Sum Assured in Force of INR 1,087,987 crore.
For more information, please visit the Company’s website at www.maxlifeinsurance.com.
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