Artivatic Partners with Sahmati (Account Aggregator Ecosystem | AA's) for Streamlined Financial Data Access and Enhanced Underwriting
Collaboration aims to improve underwriting accuracy, reduce time, cost and fraud, while empowering customers with control over their financial data
Artivatic, a leading insurtech company, has announced that it has became member [as Technology Service Partner | TSP) with Sahmati, the Account Aggregator framework, to revolutionize the process of financial data access and sharing. The collaboration aims to enhance underwriting processes, enabling faster and more accurate decisions, while reducing costs, time, and fraud. At the core of this partnership lies a focus on customer consent, empowering individuals to take control of their financial data.
The Sahmati - Account Aggregator (AA) framework, a groundbreaking initiative by the Reserve Bank of India (RBI), has been designed to facilitate the seamless sharing of financial data across multiple institutions. With a focus on data security and customer consent, the AA framework empowers customers to share their financial information with regulated entities in a secure manner.
Artivatic's collaboration with Sahmati aims to harness the potential of the AA framework to simplify and streamline underwriting processes. By leveraging real-time, consent-based financial data, Artivatic can make more accurate assessments of credit risk and insurance applications, leading to better pricing, reduced turnaround time, and increased customer satisfaction.
Key benefits of the partnership include:
Enhanced underwriting accuracy: With access to real-time, consent-based financial data, Artivatic can make more informed decisions, leading to better risk assessment and pricing.
Faster decision-making: The availability of reliable financial data allows Artivatic to make quicker underwriting decisions, reducing the time customers spend waiting for approvals and increasing overall efficiency.
Reduced costs: Improved underwriting processes and risk assessment capabilities help minimize losses and operational expenses, translating into cost savings for both Artivatic and its customers.
Empowering customers with data control: The AA framework ensures that customers have complete control over their financial data and can decide which entities can access their information.
Fraud prevention: Access to a comprehensive financial profile of customers enables Artivatic to identify and prevent fraud more effectively, thereby reducing risks for all parties involved.
This partnership represents a significant milestone in the insurtech industry, as it demonstrates the growing recognition of the importance of customer consent and data security in financial services. By integrating the Sahmati - Account Aggregator framework, Artivatic is leading the way in leveraging technology for a more customer-centric and efficient financial ecosystem. With this Artivatic.ai, is committed to driving innovation and transforming the landscape of underwriting and financial data access. This showcases the potential of technology in redefining customer experience and shaping the future of finance.