Max Life Insurance has introduced Max Life Innovation Labs, its start-up accelerator programme.
Through the accelerator programme, the company will partner with insurtech start-ups to develop advanced tech-based solutions.
The accelerator programme will focus on leveraging artificial intelligence (AI), blockchain, Internet of Things (IoT), and Big Data technologies.
Using these technologies, Max Life aims to support various services including intelligent underwriting, and recruiting intelligent agent/seller.
Additionally, the disruptive technologies will be used for intelligent data acquisition and processing generated from online/offline sources, financial management, among others.
Max Life senior vice president and head of strategy Amrit Singh said: “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 start-ups through the past few years to enhance customer experience. We are now taking our commitment to the next level by introducing the Max Life Innovation Labs programme.
“Through this initiative, we hope to develop robust solutions, mentor and collaborate with start-ups and build greater synergies between traditional and new age models in the life insurance industry.”
Max Life Insurance said it will finally select the start-ups as per their shared focus areas; modern solution, feasibility, among other criteria.
The selected firms will be provided with a number of benefits including mentoring and knowledge workshops from Max Life CXOs, apart from leaders and experts of the insurance ecosystem.
In future, the insurance firm will collaborate with the selected start-ups for applying to IRDAI’s recently launched Regulatory Sandbox.