Max Life Insurance has launched an accelerator programme, Max Life Innovation Labs, to foster startups that leverage frontier technologies such as AI (artificial intelligence), blockchain and IoT (internet of things) for disruptive solutions.
The private insurer will startups and out-of-the-box thinkers to partner with it and develop futuristic technology based solutions for Max Life, according to a statement. As part of this programme, startups will use technologies such as AI, blockchain, IoT and big data to facilitate services such as intelligent data acquisition, underwriting, agent or seller hiring and financial management among several others.
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, the statement added.
“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. 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,” said Amrit Singh, senior vice president and head of strategy at Max Life.
The selected startups will receive 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 support and infrastructure in the form of APIs (application programming interface) and cloud access will also be made available to the selected startups.
Max Life may also partner with the selected startups for applying to IRDAI’s recently launched Regulatory Sandbox with relevant solutions.