Max Life Announces Second Edition of its Accelerator Program for Insurtech Startups
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Insurance major Max Life Insurance has announced the launch of second edition of its accelerator program Max Life Innovation Labs aimed at technology innovation in the Indian insurance industry.
Meant for startups in the insurance technology (insurtech) and larger finance technology (fintech) space, the program will offer shortlisted startups knowledge and infrastructure to help them build solutions for business challenges through the use of technology.
The program will select start-ups that are devising solutions in the areas of artificial intelligence/machine learning, smart underwriting, blockchain, health and wellness, intelligent data acquisition & advanced data analytics, as per Max Life’s statement.
“The COVID-19 pandemic has brought about a major realignment to the life insurance sector, accelerating the need for digital technology driven innovation in the industry. We see this as an opportunity to accelerate the adoption of technology and innovate across models, products and services by collaborating with talented startups who are poised to emerge as leaders of the future,” said Manu Lavanya, Chief Operations Officer, Max Life.
Further, the company has identified seven use cases basis which final selection of startups will be done. One of the use cases is ‘smart customer profile report’ wherein the startup will generate insights from medical and financial documents of the user as well as external sources and provide goal based decisions to enhance financial credibility and health and wellness of the user.
On the insurer side, another use case is ‘insurance in a box’ that aims to build a platform which can allow insurers to sell on-demand insurance on partner eco-system/underserved segments.
The insurance company has partnered with Invest India, the national investment promotion and facilitation agency, for the program and the latter will host the programme on the Startup India Hub.
In the first edition, seven startups were selected for the program under seven use cases. The first cohort included Kwantics for speech recognition, Eigenlytics for Document Parsing, Artivatic for Smart Underwriting, Vidzai Digital for personalized videos, Assess Hub for smart hiring, NVest solutions for product configuration platform and Wellthy Therapeutics health and wellness category.