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                              Account Aggregator and its Usage

Innovations within the financial ecosystem have paved the way for greater collaboration and information sharing. Edelweiss Life Insurance has collaborated with CAMSfinserv to implement an Account Aggregator (AA) Network into our ecosystem. This system will create a seamless and secure experience for our customers sharing their financial information.


What is an Account Aggregator?

An Account Aggregator (AA) Network allows financial institutes to securely share important customer information with each other. This information transfer is entirely digital, making the whole process seamless and quick without leaving any room for human errors. The consent of a customer is required before any data is transferred.

For more details on the Account aggregator ecosystem, please refer -

Account Aggregator Network's Impact on an Average Person's Financial Life?


India's financial system still follows many unintuitive practices such as sharing physically signed and scanned copies of bank statements, running around to notarise or stamp documents, or having to share your personal details to prove your financial history to a third party. These systems can be quite a hassle for the average customer.
An Account Aggregator Network (AAN) replaces all these unintuitive systems with a simple and safe, mobile-based, digitally accessed data sharing process.

Let's understand some basic terms related to Account Aggregator Networks:  

  • FIP- Stands for Financial Information Provider, an organisation that shares financial data with other systems. 
  • FIU- Stands for Financial Information User, an organisation that uses the financial data shared to improve their own data management.

Below is a simple representation of how an AA system works in relation to Edelweiss Life Insurance:

What Does Edelweiss Life Insurance Gain by Being Part of an AA Ecosystem?

  • As a Financial Information User (FIU)

    When a customer fills in their details to purchase a policy, our onboarding team will be able to digitally request for bank statements through CAMSfinserv (Account Aggregator). The aggregator will then intimate the customer of the request. An SMS will be shared with the customer, who will then approve the request via OTP validation.

    If the customer shares their bank statement through CAMSfinserv, then the underwriter will be able to make quick decisions at a later stage. Thanks to the new AA system, Edelweiss Life Insurance gains the advantage of a quick & hassle-free customer onboarding without having to deal with paperwork. As more financial institutions join the AA ecosystem, we shall be able to fetch more financial information quickly, which shall help us improve our data management and underwriting processes.

  • As a Financial Information Provider (FIP)

    Edelweiss Life Insurance will share a policyholder’s details through CAMSFinserv (Account Aggregator) only if requested to do so by a FIU (Financial Information User). The data processing will be done digitally through the AA system and no data will be shared without the policyholder’s consent. 

Contact Us for Any Grievance

Customers can contact us at any time to resolve disputes regarding their life insurance policy. Our Grievance Redressal Mechanism can be availed of on call, online, or by sending a written letter to our customer care office. The grievance shall be resolved within 15 calendar days.

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** - Claim statistics are for Financial Year 2023-24 and is computed basis individual claims settled over total individual claims for the financial year. For details, refer to Public Disclosures in our Website.

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