Mumbai: HDFC Life, one of India’s leading private life insurance companies, has been at the forefront when it comes to technology. In June 2019, HDFC Life tied-up with IvyCamp to launch an initiative called Futurance.
It is a corporate engagement program that aims to identify and onboard innovative start-ups that can co-create targeted solutions and build next-gen capabilities for HDFC Life.
Life insurance solutions provider, HDFC Life, in partnership with IvyCamp, an arm of IvyCap Ventures, today announced the selection of five Indian start-ups it would incubate under its corporate engagement program, Futurance.
This program aims to discover start-ups that will help to provide futuristic business solutions and build next-gen capabilities for HDFC Life in key areas such as resume parsing, speech recognition, document gamification, database and lead generation, in the first phase of the program.
Post the successful conclusion of phase one, HDFC Life and IvyCamp have now announced the opening of the second phase of the Futurance program to scout for start-ups to deliver innovations across the following use cases:
- MedTech: Non-invasive health monitoring and diagnostic solutions for assessing current and predicting future medical conditions
- Behavioral Sciences: Behavioral science tools & techniques for higher employee and customer engagement
- Sales Engagement: Sales engagement and mentoring to contain attrition of front line sales staff
- Alternative Data Sources: Syndicated alternate data sources and uses
“At HDFC Life, we are re-imagining the life insurance business using disruptive technology. Futurance is an initiative where we explore the startup space for promising talent. The successful implementation of the first phase of Futurance has encouraged us to launch the second phase. We look forward to meeting and interact with fresh talent for co-creating solutions that spell convenience for customers and improve our efficiencies”, said Parvez Mulla, Chief Operating Officer – HDFC Life.
“To keep pace with the changes is imperative for success. It is necessary to explore fresh talent and collaborate with them. Start-ups can play the role of catalysts in this area. We have reaped the results of our investments in technology and this inspires us to constantly look for avenues that will benefit us over the long term. We believe Futurance is one such initiative that will invigorate our tech journey and enable us to achieve what we have set out for”, added Prasun Gajri, Chief Investment Officer – HDFC Life.
The second phase of Futurance is now live IvyCamp official website.
“This partnership is in line with IvyCamp’s ongoing efforts to create deeper connects, alliances and co-development opportunities between corporates and start-ups for mutual business benefits”, said Anju Gupta, Co-founder and President of IvyCamp.
“We congratulate the start-ups considered in the first phase, which will get an opportunity to scale their business and work with senior leadership at HDFC Life, which will get them greater customer engagement and product expertise in their respective domains. We trust our second phase of Futurance will be bolstered by our previous success”, he added.
In phase one, Futurance successfully identified start-ups from over one hundred targeted applications. The start-ups are working on solutions for intelligent hiring, building speech recognition for leading Indian languages, speech to text solutions, identity verification, and onboarding solutions and anti-money laundering compliance automation platform for enterprises.