The scope of Max Life Innovation Labs, an insurtech accelerator programm, has been expanded by Max Life Insurance Co. Ltd in order to integrate distinct business challenges and bringing on board strategic ecosystem partners to provide mentoring and business supports to startups, reported ET.
The insurance company is expanding the scope of focus areas to include new methods including speech recognition, document parsing, alternate to conventional medical tests and integrated financial view for customer.
Prashant Tripathy, CEO and Managing Director, Max Life said, “Since the launch of the accelerator programme, we have received eager responses from startups which has led us to expand the scope of problem areas and initiate partnerships that shall expand the reach of the programme further.”
As per the business team at Max Life, the accelerator programm 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 programme, 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 program partners will be integrated with the startup ecosystem and will bring immense value to selected startups.
This 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.
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.