ICICI Lombard has joined the consensus, a not-for-profit trade alliance for the Account Aggregator (AA) ecosystem.
ICICI Lombard has joined the consensus, a not-for-profit trade alliance for the Account Aggregator (AA) ecosystem. The corporate is the primary non-life insurer to take part within the AA ecosystem and can play the position of a Monetary Info Consumer (FIU), it mentioned in a press release.
With this effort, ICICI Lombard will be capable of entry complete, customer-agreed monetary data, the corporate mentioned.
“AA Ecosystem is the Authorities-authorized Indian design for Open Finance. Constructed with the concept of selling wholesome market practices, Consensus will publish a Code of Conduct and Market Tips for its members. This will probably be accomplished underneath a typical voice of trade and regulators. will act as such,” it mentioned.
“Becoming a member of the AA ecosystem will allow ICICI Lombard to undertake danger evaluation and streamline the underwriting course of. It’s going to additionally assist in enhancing the turnaround time for coverage issuance. As a member of Consensus Alliance, ICICI Lombard can lend its voice to form market pointers and ecosystem norms,” the corporate mentioned.
In the meantime, for the purchasers, it simplifies the policy-buying course of by saving the effort and time required in offering monetary data. The AA ecosystem permits clients to consent to a complete of 23 several types of monetary data together with financial institution deposits, bank cards, mutual funds, insurance coverage insurance policies, PF accounts and the likes. Having consent-driven entry to this data ought to assist clients expertise tailor-made presents and superior merchandise, as learn within the assertion.
Sanjeev Mantri, Government Director, ICICI Lombard GIC, mentioned, “In at the moment’s world, the safety of buyer information is on the core of our values. Thus now we have tied up with account aggregators to realize entry to the monetary information of consenting shoppers. This ecosystem offers an equal alternative for all members by sharing information securely and effectively. By coming into this ecosystem, we will additional streamline our underwriting course of Additional, digital supply of providers, utilizing a belief, regulated framework and a robust concentrate on person expertise ought to assist additional the needle of insurance coverage penetration within the nation.”