Page 43 - Insurance Times November 2021

is 50, one’s children are most likely still in school and may medical requirements etc.) to own house, retirement living,
require your financial assistance; thus, purchasing term travel, medical necessities and even lifestyle requirements
insurance at the age of 50, even at a higher premium, can be such as family vacations in case the primary breadwinner
a wise decision," said Chowdary. dies

Deciding factors: “The premium rates of the term insurance Besides, how much and for how long to take the term
policies would be on the higher side for people who purchase insurance will depend on carefully calculating the assets and
a policy at or above the age of 50. But there is no right age to liabilities at various points of time in life for the whole family,
buy a term insurance. Sooner the better, of course, but better with inflation and taxation also factored in practically.
late than never," said Nayan Goswami, head of sales and
service, SANA.Insure. Govila further said that the basic tenet of this calculation is
that the family’s standard of living, including critical and
Adding to it, Col. Sanjeev Govila (retd), chief executive officer, lifestyle goals, should not suffer if a person dies.
Hum Fauji Initiatives, said, “Buying a term insurance is never
to be linked to age but to the future liabilities—their quantum Of course, it should be remembered that life insurance is
and duration." neither a wealth creation tool nor a succession planning tool
for the family. It is a sustenance tool for the interim so that
The liabilities could pertain to anything from children’s the family can get back on its own after the family head’s
requirements (education, higher education, marriage, even death. (Source: Mint)

Max Life Adopts the Account Aggregator System; Aims to Provide

Frictionless Financial underwriting to Customers

Max Life Insurance Co. Ltd. (“Max Life” / “Company”), is the first life insurer to enter the Account Aggregator (AA)
ecosystem, an RBI regulated framework. AA ecosystem allows the customers to digitally share their financial information
and data across various financial institutions within the AA framework. The sharing of information requires consent from
customers, making the process highly transparent and secure.

Max Life has collaborated with FinVu and Finarkein to adopt the AA ecosystem for seamless and secure access of
customers’ financial information, thereby reducing timelines for policy issuance. During the initial deployment phase,
Max Life will run a pilot project with a specific cohort of customers to closely examine the agility of data flow, technological
requirements, embracement of the AA ecosystem by the customer, and other relevant factors. Based on the result of
the first phase, Max Life will release the commercial scale-up plan in the next fiscal, followed by the commercial roll-out.

Speaking on the AA integration, Manu Lavanya, Director and Chief Operations Officer, Max Life said, “Innovation within
the financial services ecosystem has increased manifold that has paved the way for greater collaboration. Our partnership
with Finvu and Finarkein is a step towards bringing greater flexibility, scalability, and security to the customer financial
data management, and at the same time, aiding to provide an agile and frictionless underwriting experience. In the
coming months, we intend to expand the AA ecosystem across our customers and strengthen our position in insurance
innovation.”

Finvu (Cookiejar Technologies Pvt. Ltd.), an account aggregator and Finarkein (Finarkein Analytics Private Limited), a
technology service provider will aid Max Life in building robust and streamlined data flow journeys and architecture to
consume data through the AA framework and further assist with the solution design. Finarkein will leverage its machine
learning capabilities to create a model that provides insightful summaries on the customer’s financial health.

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