Max Life Insurance picks seven startups for accelerator programme InsurTech

Max Life Insurance picks seven startups for accelerator programme InsurTech
Photo Credit: VCCircle
5 Feb, 2020

Gurugram-based insurance company Max Life Insurance has selected seven startups for its flagship InsurTech accelerator programme, the company said in a statement.

It will collaborate and innovate solutions with the startups across conversational artificial intelligence, document parsing, speech recognition, smart underwriting, smart agent/seller hiring, and health and wellness technologies, the company said.  

Kwantics (speech recognition), Eigenlytics (document parsing), Artivatic (smart underwriting), Vidzai Digital (personalised videos), Aassess Hub (smart hiring), NVest Solutions (product configuration platform) and Wellthy Therapeutics (health and wellness) were selected from over 151 applicants.

"We have been witness to some very novel ideas that have the potential of bringing greater innovation into the life insurance industry. We believe that these evolving technologies have the power to transform the way we operate and the potential to reshape the industry," Prashant Tripathy, CEO and managing director, Max Life, said. 

Integrating the sectoral know-how into everyday insurtech business models, the selected startups will now engage with Max Life to complete POCs (proof of concepts) on the selected use cases, the company said in a statement. 

Read: What is Aegon Life Insurance's digital strategy and how they are simplifying the process of selling insurance products 

The selected startups get access to data and technology infrastructure for testing their concepts that will help design technology-based solutions for the life insurance industry. They will also get an opportunity to receive mentoring from programme partners such as Start-up India, AWS, YourNest VC, Blume Ventures, Revstart and Venture Garage to refine their business model, get technology guidance, obtain cloud credits, improve business pitches and get access to early-stage investment.

"We are planning to give a larger shape to these selected startup ideas… Working with the aligned partners, we aim to create intuitive solutions for business challenges. With the value that we see in the programme, we will aim to enhance the scope of Max Life Innovation Labs in the coming times…," Tripathy added.