The company is the first non-life insurer to participate in the AA ecosystem and will be playing a role of a Financial Information User (FIU). With this foray, ICICI Lombard will be able to access the comprehensive, customer-consented financial information. The AA ecosystem is the Government authorised Indian design for Open Finance. Built with the idea to foster healthy market practices, Sahamati will publish a code of conduct and market guidelines for its members. It will act as a common voice of the industry and regulators.
Joining the AA ecosystem will enable ICICI Lombard to assess risk and make the underwriting process simpler. It will also help in improving the turnaround time taken for policy issuance significantly. As a member of the Sahamati Alliance, ICICI Lombard can lend its voice for shaping market guidelines and ecosystem norms.
Meanwhile, for customers, it simplifies the process of policy-buying by saving the time and effort required in providing financial information. The AA Ecosystem envisions customers giving consent for a total of 23 different types of financial information, including bank deposits, credit cards, mutual funds, insurance policies, PF accounts, and the likes. Having consent-driven access to this information should help customers experience tailored offers and better products.
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