New Delhi: Max Life Insurance Co. Ltd announced on Tuesday the launch of its startup accelerator programme - Max Life Innovation Labs. Under the Innovation Labs, the life insurer will invite disruptive startups and out of the box thinkers to partner with them in creating futuristic tech-based solutions for Max Life in a rapidly advancing life insurance industry.
As part of this Programme, the startups will help create solutions by leveraging new age technologies such as Artificial Intelligence, Blockchain, Internet of Things, Big Data to facilitate a host of services such as intelligent data acquisition and processing generated from online/offline sources, intelligent underwriting, intelligent agent/seller hiring, financial management and more.
The final selection of startups will be made on the basis of relevance to the shared focus areas, innovativeness of the solution, its feasibility and availability of appropriate skill set in the startup team.
Speaking on the occasion, Amrit Singh, Sr. Vice President and Head of Strategy, Max Life said, “With less than 3% life insurance penetration in the country, the sector in India presents immense opportunity to insurers to grow. At Max Life, we have worked with a large number of startups through the past few years to enhance customer experience. We are now taking our commitment to the next level, by introducing the Max Life Innovation Labs programme. Through this initiative, we hope to develop robust solutions, mentor and collaborate with start-ups and build greater synergies between traditional and new age models in the life insurance industry."
The selected startups will receive benefits such as best-in-class mentoring and knowledge workshops from Max Life CXOs, as well as insurance ecosystem leaders and experts.
Further, exclusive benefits such as dedicated innovation work space across top startup hubs, technology support and infrastructure in the form of APIs and cloud access will also be available for the selected startups. Additionally, Max Life may also partner with them for applying to IRDAI’s recently launched Regulatory Sandbox with relevant solutions.