You can be on Entrepreneur’s cover!

Max Life Announces Second Edition of its Accelerator Program for Insurtech Startups 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

By Shipra Singh

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Pixabay

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.

Shipra Singh

Entrepreneur Staff

Freelance Journalist

Growing a Business

5 Entrepreneurial Mindsets That Drive Success

Here are the mindsets shared by the most successful entrepreneurs.

News and Trends

Nikhil Kamath's WTFund Invites Applications from April 15 from Young Entrepreneurs

The new sector-agnostic fund will offer a package including a non-dilutive grant of INR 20 lakh and will enable founders to retain full equity in their ventures.

News and Trends

Aerospace Components Manufacturer JJG Aero Secures USD 12 Mn from CX Partners

The Bengaluru-based platform aims to utilise the raised funds mainly toward furthering vertical integration, boosting manufacturing capacity at the new location, and other business activities.

Devices

Solo Traveling Entrepreneurs Will Love These Translation Earbuds — $90 Through April 21

The Mymanu CLIK S Translation earbuds have been featured at CES multiple times and won the Red Dot award.

Side Hustle

This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be 'More Attractive' Than an Office Job

Side hustles remain popular for additional income — and have many questioning the 9-5 model altogether.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.