Fast-Tracking Insurance Approvals: Leveraging AA for Smarter, Quicker Decisions

The Non-credit Use Case category winners at the 3I Use Case Competition have set a benchmark for innovation and impact. This team, comprising SBI Life, NADL AA, and Finarkein Analytics, demonstrated an exceptional approach to leveraging the Account Aggregator (AA) framework for improving financial access. Their approach improves the insurance processes using Account Aggregator (AA) data by streamlining underwriting, enabling faster approvals while enhancing decision-making accuracy.

During their presentation at SamvAAd 2024, the team demonstrated how consent-based data sharing through the AA framework transforms traditional risk assessment methods in this session. By seamlessly integrating financial and health data, they have reduced manual inefficiencies, accelerated approval timelines, and improved the customer experience. The approach exemplifies how the insurance industry can adapt to modern digital ecosystems while maintaining transparency and trust.

This session offers valuable insights into the future of insurance, showcasing how technology and collaboration can address long-standing challenges in the sector. Watch to understand how these organisations enable a more efficient, data-driven approach to insurance underwriting.

Watch the session recording here.