Maxlife

inviting technology start-ups to to work together and build smart solutions to transform the future of life insurance.

About The Program

Max Life Insurance is introducing Max Life Innovation Labs, a corporate accelerator program that will provide technology start-ups a chance to work together with one of India’s leading life insurance businesses to build smart Fintech or Insurtech solutions for specific business challenges.

Start-ups now have a unique opportunity to access knowledge, infrastructure, and support from Max Life Insurance in order to transform business processes through technology and be noticed.

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About
The Program

Max Life Insurance is introducing Max Life Innovation Labs, a corporate accelerator program that will provide technology start-ups a chance to work together with one of India’s leading life insurance businesses to build smart Fintech or Insurtech solutions for specific business challenges.

Start-ups now have a unique opportunity to access knowledge, infrastructure, and support from Max Life Insurance in order to transform business processes through technology and be noticed.

Program Focus Areas

Max Life Innovation Labs encourages all technology startups who are building solutions that have the potential to transform life insurance business to apply for participation in the accelerator program.

  • Artificial Intelligence

    Intelligent Data Acquisition

  • Distributed Ledger based solutions

    Health & Wellness

  • Internet of Things

    Personal Finance & Retirement planning

  • Speech Recognition

    Speech Recognition

  • Document Parsing

    Document Parsing

  • Big Data/Analytics

    Smart Underwriting

  • Alternate to conventional medical tests

    Alternate to conventional medical tests

  • Other Services

    Smart hiring

  • Integrated view for customers

    Integrated view for customers

Some of the specific solutions / functionalities that would interest us include, but are not limited to, the following:
  • Intelligent Data Acquisition
  • Innovative customer engagement
  • Innovative customer
  • Speech Recognition
  • Document Parsing
  • Smart Underwriting
  • Alternate to conventional medical tests
  • Smart hiring
  • Integrated view for customers
Intelligent Data Acquisition on customers / prospects from online / offline sources
  • Determine consumer behaviour or life stage from unstructured text (bank statements / text messages, etc.)

  • Leverage all digital footprint to ascertain profile of individual enabling need based assessment

Intelligent Data Acquisition
Health & Wellness
  • Leveraging Health & Wellness propositions that improve health outcomes and healthcare accessibility to provide more holistic solutions and engagement opportunities to the life insurance customer

Innovative customer engagement
Personal Finance & Retirement planning
  • Leveraging Personal Finance propositions such as retirement planning, smart money management, savings incentivization, etc. to provide more holistic solutions and engagement opportunities to the life insurance customer

Innovative customer
Speech Recognition
  • Decoding customer emotions using voice call data

  • Converting calling customer into a lead using intelligent and dynamic analysis of voice data

Speech Recognition
Document Parsing
  • Intelligent parsing of claims forms and documents with unstructured data to create a summary of case report

Document Parsing
Smart Underwriting
  • Scanning medical reports to provide a broad sense of customer’s health status

  • Non-invasive medical testing to aid in faster medical underwriting

  • Cost efficient mechanism (like genetic assessment, etc.) to predict any future medical condition to enable sharper product pricing

  • Income estimation of self-employed individuals

Smart Underwriting
Alternate to conventional medical tests
  • Technology tools or solutions that can quickly and easily identify medical risks to calculate insurance premiums

Alternate to conventional medical tests
Smart hiring / training of Agents / Sales force
  • Profiling of the potential candidates (through online information and other offline data collected) to determine long proven results in sales profession

  • AI-empowered real-time online smart interviews, to achieve required information collection and confirm willingness of prospective agent to join

Smart hiring
Integrated view for customers
  • Interactive platform to present a consolidated account view (PF, gratuity, life insurance, health insurance, etc.), intelligent recommendations on future financial plans and other value added services using existing customer data and other online sources (such as PAN, NPS, EPF, etc.)

Integrated view for customers

Program Format

The last date of submitting the application is 17th November 2019. However, the evaluation will take place on rolling basis, as and when the applications come.

Applicants to the accelerator program will follow the steps as explained below:

Program Design
01

Application

Candidates can apply on accelerator website for the selection process till the stated end date for application submission. Additional details as needed may be sought from applicants after submitting the application

02

Demo Day

Sequence of demo days will be organized where shortlisted applicants will be called in batches to pitch / showcase their product or solution

03

Final Selection & On-boarding

Successful applicants will be notified of their selection in the accelerator program and a formal on-boarding process will begin, involving signing of documents, solution roadmap planning, familiarisation & knowledge workshops, assessment of support needed, etc.

Benefits for Participants

What is in it for you?
Participants in the accelerator program will get the following set of benefits:

Best-in-class Mentoring

Industry expertise and dedicated bandwidth of Max Life Insurance CXOs.

Experts from across the connected ecosystems, such as banks, technology firms, venture capital, other successful start-up founders, etc.

Technology Infrastructure

Resources like APIs, cloud service, free cloud credits, etc.

Dedicated Innovation Space

Workspace at our partner premises in tier-1 cities

Exclusive Data

Access to relevant data from our databases as needed to enable you to test your product / solution.

Dedicated Support

A single point of contact with the organization to mitigate any issue and ensure speedy implementation of your ideas.

Get noticed in the Media

Promoting you on our website, social media channels, print & electronic media partners, etc.

Our Commitment

Most importantly, you get our commitment that if your innovation can transform our business, we will be your first customer/strategic partner to enable you to grow further.

Have questions about the program?

Clear all your queries and doubts regarding the program and its participation

What is eligibility criteria to apply?

The applicant must have a Minimum Viable Product (MVP) proposition, broadly aligned with the use cases shared under Program Focus Areas.

Is there an application fee for the accelerator program?

No, the application is free of charge.

What is the evaluation criteria?

Applications will be examined based on:

i. Relevance and Design of the proposed solution

ii. Technical and Managerial competence of the team

iii. Any other parameter that the accelerator program sees fit

What will be the deadline for application to the accelerator program?

The last date for submission of application is 17th November 2019. However, the evaluation will take place on rolling basis, as and when the applications come. Hence, potential applicants are encouraged to submit applications to the accelerator as early as possible.

Testimonials

What our start-up partners have to say about us

Max Life is truly determined to transform the life insurance industry. They are planned, thorough and they are always thinking of scale. They also treat you as part of the family and want you to succeed. IDfy is privileged to be part of their story, to work closely with their senior execs and solve real problems for them. I think it would be a great learning experience for any start-up to be part of their journey of transformation

Wriju Ray, Chief Business Officer, IDfy

Max Life is an innovative organization with a desire to stay ahead of the curve. Their ability to embrace change and disruption is rare to see in a large organization. We have had a great experience throughout our engagement with them. We thank the business team for their support and hope to continue the partnership into the future.

Varzavand Batliwala, Co-founder and COO, i3systems

Max Life’s commitment towards customer satisfaction and their passion for innovation has helped the team at DocsApp, in developing user-friendly out-of-the-box ideas to change the face of insurance processes in India. Their professionalism has strengthened the relationship between DocsApp and Max Life over the past 3 years. We look forward to our continued association.

Satish Kannan, Director and CEO, DocsApp

Maxlife has been one of iProspect’s closest partners for more than five years, their innovation capability especially in the technical areas has always amazed me. Their knowledge and implementation of the Google Martech stack is one of the best in the country. I am sure Maxlife will add tremendous value to start-ups through this accelerator program. A start that joins this program will be one of the most fortunate companies in the country.

Vivek Bhargava, CEO Dan Performance Group, Dan Performance Group

DAN has continued to invest in start-ups over the years because we thoroughly believe in the power of digital. Merging technology with creative and data is our most distinct forte. As the digital ecosystem grows in India, it will become an even more integral part of us all. Max Life has been an important partner for us as it believes in the same values. Over the years, our relationship has only grown stronger as we have worked towards creating digital solutions for customers.

I’m happy to see the growth of start-ups in India and the passion that youngsters have in their products and businesses today. One must remember that it will need a lot of discipline and patience, now more than ever, to sustain and grow as the digital industry thrusts forward, organically and inorganically!

Ashish Bhasin, CEO Greater South and Chairman & CEO India, Dentsu Aegis Network

"The start-up incubator program by Max Life is a fantastic initiate. Being a bemouth in the fin-tech space, start-ups will gain a ton from Max Life plethora of experts and in-depth experience. It’s great to see Max Life taking the lead in helping mold disruptive start-ups of the future across big data, AI and fin-tech"

Prashant Puri, Co-Founder & CEO, AdLift

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