ICICI Pru Life may soon onboard Account Aggregator system
RBI will regulate the Account Aggregator (AA) through an NBFC-AA license
ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) may soon onboard the Account Aggregator system, a financial data sharing platform which will be regulated by the Reserve Bank of India, according to a PTI report.
The government had launched the Account Aggregator (AA) network earlier this month. The network allows banks, insurers or fintech companies to access financial data of individuals.
The platform reportedly digitises the whole process of data collection. To put it in perspective, it saves customers from the hassle of showing their income tax returns or a bank statement for various compliances.
Before providing an insurance cover, accessing an individual’s financial capabilities is one of the fundamental jobs of the insurer. It helps the insurer estimate the loss of income in case of loss of life.
Availability of such data on a single platform will help consumers save time and make the overall system more efficient.
RBI will regulate the Account Aggregator (AA) through an NBFC-AA license. With this, individuals can share and access their financial information securely within AA network. The data will be shared only after obtaining the individual’s consent.
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