Delhi-headquartered insurance company Max Life Insurance has announced the launch of Max Life Innovation Labs, an accelerator programme to harness Insurtech solutions.
The company said that it will invite disruptive startups and out of the box thinkers to partner with them in creating futuristic tech-based solutions for Max Life. 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.
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The selected startups will receive mentoring and knowledge workshops from Max Life CXOs, as well as insurance ecosystem leaders and experts. Further, other benefits include dedicated innovation workspace 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.
The applications are open till November 17, 2019. Once the solution is developed, and in alignment with Max Life’s needs, the startup will be nurtured/established as a partner for Max Life.
Amrit Singh, Sr. Vice President and head of Strategy, Max Life said, “Through this initiative, we hope to develop robust solutions, mentor and collaborate with startups and build greater synergies between traditional and new age models in the life insurance industry.”
The trend of corporates starting their accelerator or incubator programmes has been gaining pace with tech giants like Google etc. Recently, Google opened applications for the third cohort of its Launchpad accelerator in India. The Google Launchpad Accelerator mentors early-stage startups on various aspects of their business, across the areas of technology, product strategy, marketing, UX/UI and leadership.
Further, YES Bank’s ‘YES SCALE’ Accelerator seeks to accomplish the task of getting startups this quality input through the guidance of mentors from the industry, which, the bank, hopes will set them apart from the rest. YES SCALE, which is the bank’s multi-sector accelerator, has partnered with more than 100 industry players, corporates, funding partners, and government bodies, all in an effort to build a supportive ecosystem for startups.