November 5, 2019
Following the successful launch of its unique ‘InsurTech’ accelerator programme ‘Max Life Innovation Labs’, Max Life Insurance Co. Ltd. (“Max Life”/“Company”) is now expanding the programme scope to include distinct business challenges and bringing on board strategic ecosystem partners to provide mentoring and business support to startups.
Building upon keen response from over 70 innovative startups across and beyond the country, Max Life Innovations Labs is now expanding the scope of focus areas to include new challenges including speech recognition, document parsing, alternate to conventional medical tests and integrated financial view for customer. These are aside the earlier identified areas of intelligent data acquisition and processing generated from online/offline sources, customer engagement in health & wellness, customer engagement in personal finance & retirement planning, smart underwriting, intelligent agent/seller hiring, financial management and more. With a vision to maximise innovation, business teams at Max Life have identified additional use cases that will allow the participants to build scalable solutions by leveraging new age technologies such as artificial intelligence, blockchain, internet of things, big data to facilitate greater novelty in the insurance sector.
Under this programme, Max Life is inviting 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. The selected startups will also get access to ecosystem partners in the program such as Startup India, AWS, Blume Ventures, Revstart, Venture Garage etc. The program partners will be integrated with the startup ecosystem and will bring immense value to selected startups. Program partners will also endeavour to support in mentoring selected startups with refining their business model, technology guidance, cloud credits, improving business pitch, early stage investment amongst others.
Commenting on the accelerator programme, Prashant Tripathy, CEO and Managing Director, Max Life said, “We are excited to widen our call for collaboration to a larger base and look forward to receiving more participation from this promising startup community, who we believe has the potential to build solutions that result in transformation of the country’s life insurance business. Since the launch of the accelerator programme, we have received eager responses from startups which has led us to expand the scope of problem areas and initiate partnerships that shall expand the reach of the programme further.”
Startups can also look forward to receive a plethora of 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 workspace across top startup hubs, technology and infrastructure support in the form of cloud access, along with data and business APIs. Additionally, Max Life may also partner with them for applying to IRDAI’s Sandbox with relevant solutions.
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.
Application window is open till 17th November where interested startups with innovative solutions to above areas can apply on www.maxlifeinsurance-innovationlabs.com.
About Max Life Insurance (www.maxlifeinsurance.com)
Max Life Insurance Co. Ltd. (“Max Life”/“Company”), is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers.
Max Life offers comprehensive protection and long-term savings, through its high-quality multi-channel distribution including agency and third distribution partners. A financially stable company with a strong track record over 19 years, Max Life offers superior investment expertise. The Company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital.
During the financial year 2018-19, Max Life achieved ‘Gross Written Premium’ of Rs. 14,575 crore and had sum assured in force of Rs. 7,03,972 Crore. As on 31st March 2019, the Company had Rs. 62,798 crore of AUM and a share capital including reserves and surplus of Rs. 2,767 crore. The Company has nearly 35 lakh customers serviced by its 12,082 employees and 48,522 agent advisors through 239 offices across the country.