Max Life has collaborated with non-banking 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 access customers’ financial information. The AA framework is designed to enable customers to securely share their financial data to financial institutions they want to take services from. A customer’s data cannot be shared with any entity without the former’s consent.
In the first phase, Max Life will run a pilot project with a select group of customers to examine the agility of data flow, technological requirements, and embracement of the AA ecosystem by the customer, among other things. The partner fintech companies FinVu and Finarkein will assist Max Life in building data flow journeys and tech architecture to consume data through the AA framework, the insurer said.
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