Insurance company Max Life Insurance, on Wednesday (February 5), announced that it has shortlisted seven startups as part of its InsurTech accelerator programme. The selected startups will engage with Max Life Innovation Labs to develop their capabilities.
These seven startups were shortlisted from over 15 applicants at the ‘Pitch Day’ programme organised on January 29, 2020. Further, these 15 startups were selected out of 151 applications that underwent various processes including application reviews, followed by demo calls with the business teams and mentorship through boot camps.
The panel which shortlisted these startups included Prashant Tripathy, CEO and managing director of Max Life Insurance, Girish Shivani, cofounder and executive director of YourNest, Digbijoy Shukla, head of startup ecosystem at Amazon Internet Services, and Sundar Ram, head of migration, AWS India, among other senior leaders from Max Life Insurance.
Highlighting the importance of technology in the insurance segment, Tripathy said that these evolving technologies have the power to transform the way insurance companies operate and have the potential to reshape the industry. “We have been witnessing some very novel ideas which do have the potential of bringing greater innovation into the life insurance industry,” he added.
The shortlisted startups will further work with Max Life to complete their proof of concepts (POCs) on the selected use cases for incorporating technology in the insurance segment. They will also get access to data and technology infrastructure for testing their concepts that will help design tech-based solutions for the life insurance industry.
Additionally, these startups will also receive mentoring opportunities from Startup India, AWS, YourNest VC, Blume Ventures, Revstart, Venture Garage to improve their business model, technology guidance, cloud credits, and getting access to early-stage investment, among others.
Here are the seven shortlisted startups –
Delhi-NCR based Kwantics uses technologies such as speech analytics, machine learning, natural language processing to offer improved customer engagement analytics.
Mumbai-based Eigenlytics offers data analytics solutions to its clients. Using data sciences, Eigenlytics provides data sets which help clients to improve their operations.
Bengaluru-based Artivatic uses new-age technologies such as artificial intelligence, deep learning, and machine learning to build solutions for insurance, finance, banking and healthcare businesses.
Bengaluru-based Vidzai Digital creates engaging customer communications, thereby helps in improving customer acquisition and customer retention. It offers video campaigns for promotional ads, product explainers, events, CSR, and management messages.
Mumbai-based AssessHub s an online skill assessment platform that helps companies to hire, develop, and scale talent. Companies can measure competency, behavioural assessment, general aptitude, language proficiency, technical and functional skills using AssessHub platform.
Mumbai-based NVest Solutions is a fintech company builds tools to improve the efficiency in the insurance sector. The startup is building tools for mutual fund and personal financial advisory.
Mumbai-based Wellthy Therapeutics provides an artificial intelligence-based disease management platform to provide continuous care and coaching to patients with chronic conditions.