Max Life Insurance launches ‘Max Life Innovation Labs’, an accelerator programme to harness InsurTech solutions

Programme Design

1. Application: Online application deadline is 17^th November 2019; evaluations to continue on a rolling basis

2. Demo Day: Eligible shortlisted applicants to be called for a demo day in Gurgaon, Haryana to pitch/showcase ideas

3. Final Selection: On the basis of stipulated parameters
4. On-boarding: Upon selection, formal on-boarding process to begin with signing of MOUs, NDAs, etc.
5. Initiation: Workshop by senior leadership, infrastructure support
6. Solution development & testing
7. Graduation from the programme: Once the solution is developed, and in alignment with Max Life’s needs, the startup will be nurtured/established as a partner for Max Life

Bangalore, 20^thAugust 2019: Max Life Insurance Co. Ltd (“Max Life”/“Company”), one of country’s fastest growing life insurance companies, today announced the launch of its startup accelerator programme – Max Life Innovation Labs (“Programme”). Under the Programme, the life insurer will invite 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.

As part of this Programme, the startups will help create solutions by leveraging new age technologies such as Artificial Intelligence, Blockchain, Internet of Things, Big Data to facilitate a host of services such as intelligent data acquisition and processing generated from online/offline sources, intelligent underwriting, intelligent agent/seller hiring, financial management and more. 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.

Speaking on the occasion, Amrit Singh, Sr. Vice President and Head of Strategy, Max Life 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 startups 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.”

The selected startups will receive a plethora of benefits such as best-in-class 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 and cloud access will also be available for the selected startups. Additionally, Max Life may also partner with them for applying to IRDAI’s recently launched Regulatory Sandbox with relevant solutions.

Apply now on – https://www.maxlifeinsurance-innovationlabs.com

About Max Life Insurance (www.maxlifeinsurance.com)

Max Life Insurance Co. Ltd (“Max Life”/ “Company”), one of the leading life insurers in India, is a joint venture between Max Financial Services Ltd. and Mitsui Sumitomo Insurance Co. Ltd. Max Financial Services Ltd. is a part of the Max Group, which is a leading Indian multi-business corporation, while Mitsui Sumitomo Insurance is a member of MS&AD Insurance group, which is amongst the leading insurers in the world. Max Life Insurance has a vision to be the most admired life insurance company by securing the financial future of its customers.

Max Life offers comprehensive protection and long-term savings, through its high-quality multi-channel distribution including agency and third distribution partners. A financially stable company with a strong track record over 19 years, Max Life offers superior investment expertise. The Company has a strong customer-centric approach focused on need-based sales and quality service delivered through its superior human capital. 

During the financial year 2018-19, Max Life achieved ‘Gross Written Premium’ of Rs. 14,575 crore and had sum assured in force of Rs. 7,03,972 Crore. As on 31^st March 2019, the Company had Rs. 62,798 crore of AUM and a share capital including reserves and surplus of Rs. 2,767 crore. The Company has nearly 35 lakh customers serviced by its 12,082 employees and 48,522 agent advisors through 239 offices across the country.

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