ICICI Pru Life in talks to switch into Account Aggregator system

ICICI Prudential Life Insurance Company Ltd (ICICI Pru Life) is in discussion for onboarding the Account Aggregator system

Earlier this month, the government unveiled the Account Aggregator (AA) network to allow sharing of financial data of individuals, which can be used by various financial services providers such as banks, insurers, fintech companies.

"We really look forward to that. We have been in discussion for onboarding on that platform. What the system can really do is that it will digitise the whole journey (of data collection)...today if I have to ask a customer, I will have to ask for his bank statement, income tax statement among others.

"It is a big enabler and there are some discussions. We will have to see operationally where exactly we are," Deepak Kinger, Chief - Risk and Compliance, ICICI Prudential Life Insurance Company (ICICI Pru Life).

When a customer buys an insurance policy, the core part of that buying journey is that the insurer provides coverage against whatever will be income loss to the family in case of an untoward happening, the official said.

"As a part of that, an important element is to do a financial assessment of the person, to know what is the income of that person, what will be the income loss in case of loss of life etc," Kinger said.

Procuring data from a single source will not only bring efficiency but will also help reduce the cost for the customers, he said. It can become a multi-step process in a few clicks.