India-based insurer Max Life Insurance has launched an accelerator called Max Life Innovation Labs to support startups with the potential to bolster the corporate’s business, YourStory has reported.
The initiative will target sectors such as artificial intelligence, big data, blockchain and the internet of things. Max Life is particularly interested in applications such as smart data acquisition and processing, underwriting and financial management.
Max Life Innovation Labs will select its first cohort based on areas of shared focus and the feasibility of their products and services, as well as how innovative a product is and the expertise of company founders.
Portfolio companies will be given access to mentoring and workshops led by Max Life’s chief experience officer, outside experts and the insurance ecosystem, and will receive support in the form of access to cloud storage and other technology infrastructure.
Max Life may also partner select startups to submit a Regulatory Sandbox application with Indian regulator Insurance Regulatory and Development Authority that will allow them to test new products and services in a controlled environment with relaxed regulations.
