‘Max Life Innovation Labs’, Max Life’s InsurTech Accelerator Programme garners over 70 startup applications


‘Max Life Innovation Labs’, Max Life’s InsurTech Accelerator Programme garners over 70 startup applications, strengthens ecosystem partnerships with leading industry mavens

‘Max Life Innovation Labs’ is the life insurer’s flagship accelerator program designed to engage with the startup ecosystem

Chennai, November 2019: Following the successful launch of its unique ‘InsurTech’ accelerator program ‘Max Life Innovation Labs’, Max Life Insurance Co. Ltd (“Max Life”/ “Company”) is now expanding the program scope to include distinct business challenges and bringing onboard strategic ecosystem partners to provide mentoring and business support to startups.

Building upon a keen response from over 70innovative 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 the customer. These are aside from 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 maximize 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 program, 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 have led us to expand the scope of problem areas and initiate partnerships that shall expand the reach of the programme further.”

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 application window is open till 17th November where interested startups with innovative solutions to above areas can apply on https://www.maxlifeinsurance-innovationlabs.com/

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