Max Life launches ‘Max Life Innovation Labs 2.0’, its Flagship Insurtech Accelerator Program to accelerate insurtech start-ups
Bangalore: After a successful first edition of Max Life Innovation Labs in 2019, Max Life Insurance Company Ltd. has announced the launch of the second edition of its flagship insurtech accelerator program. With the launch of the second edition of Max Life Innovation Labs, the life insurer is inviting technology start-ups to build smart fintech and insurtech solutions for specific business challenges.
Conceptualized in partnership with Invest India - the national investment promotion & facilitation agency of India - that will host the programme on the Startup India Hub, the program will provide start-ups the opportunity to access knowledge, infrastructure, and support from Max Life to transform business processes through technology. Max Life plans to select start-ups to co-develop solutions in the areas of artificial intelligence/machine learning, smart underwriting, blockchain, health & wellness, intelligent data acquisition & advanced data analytics.
What’s in it for the participating start-ups:
- Ability to apply new-age digital technology to real business problems end to end
- Best in class mentoring from industry expertise and dedicated bandwidth of Max Life CxO’s
- Ability to build referential credibility of driving transformation in a large business enterprise
- Exclusive access to relevant data from Max Life databases as needed to enable the testing of the product/solution
- Dedicated support from a single point of contact within the organisation to mitigate any issue and ensure speedy implementation of ideas
- Commitment from Max Life to be the first customer for start-ups on successful solution development and implementation
Commenting on the launch, Manu Lavanya, Chief Operations Officer, Max Life said, “We are excited to launch the second edition of Max Life Innovation Labs, our flagship accelerator program. 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. We are aiming to develop robust solutions that will help us serve our customers better and enhance our ability to innovative customer interactions with our insurance offerings.”
The final selection of startups will be made based on relevance to the shared focus areas, innovativeness of the solution, its feasibility, and availability of appropriate skill set in the startup team. The identified use-cases are as under:
|
Technology Theme |
Use Case Description |
|
Smart Customer Profile Report |
Ability to generate insights from medical, financial documents, external sources and provide goal based decisions to enhance financial credibility and health & wellness |
|
Digital Twin |
Augmented reality and Virtual reality solutions in the areas of sales, customer engagement and marketing |
|
Data Acquisition |
Intelligent data acquisition on customers/prospects from online and offline sources |
|
Health & Wellness |
Provide health and wellness proposition to the customers that improve their health outcomes through targeted programs |
|
Non-invasive medical tests |
Non-invasive technology solutions to capture medical profile |
|
Insurance in a Box |
Build a white-label platform which can allow insurers to sell on-demand insurance on partner eco-system/underserved segments |
|
Blockchain Networks for Insurance |
Solutions that can help create network relationships across the insurance value chain to simplify claims, on-boarding, policy issuance, renewals, etc. |
In the previous edition, Max Life Innovation Labs received a strong response with over 150 applications, out of which 7 dynamic startups were selected to work on specific problem statements. Some of these startups are currently working in close collaboration with Max Life business teams to scale up these insurtech solutions.
