NEW DELHI : Max Life Insurance Co. Ltd announced Thursday that it has joined the Account Aggregators (AA) framework introduced by the Reserve Bank of India (RBI) in September. Max Life is the first life insurer to do this.

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 seamlessly and securely access customers’ financial information, which in turn will help shorten policy issuance deadlines.

“Our partnership with FinVu and Finarkein is a step towards greater flexibility, scalability and security for clients’ financial data management while helping to deliver an agile and smooth underwriting experience,” said Manu Lavanya, Director and Chief Operations Officer, Max Life .

The AA framework is designed to enable customers to securely share their financial information with financial institutions from which they wish to obtain services. A customer’s data may not be passed on to other companies without their consent.

In the first phase, Max Life will carry out a pilot project with a selected group of customers in order to examine, among other things, the agility of the data flow, technological requirements and the customer’s acceptance of the AA ecosystem. “Based on the outcome of the first phase, Max Life will publish the commercial scale-up plan in the next fiscal year, followed by the commercial rollout,” said the insurer in its official statement.

The partner fintech companies FinVu and Finarkein will support Max Life in setting up optimized data flow paths and technical architecture in order to consume data via the AA framework, the insurer said. “Finarkein will use its machine learning capabilities to create a model that provides insightful summaries of the customer’s financial health,” it added.

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