Mumbai:
HDFC Life Insurance Company announced a strategic partnership with IvyCamp, an arm of IvyCap Ventures Advisors Pvt. Ltd., to launch HDFC Life “Futurance”, a program which aims to identify and work with startups that have built cutting edge products which could harness business opportunities in insurance value chain.
This partnership is in line with IvyCamp’s ongoing efforts to create deeper connects, alliances and co-development opportunities between corporates and startups for mutual business benefits.
HDFC Life is looking for startups working in areas of Artificial Intelligence / Machine Learning (AI/ML), Blockchain, Data Sciences, Augmented Reality/ Virtual reality (AR/VR), Internet of Things (IOT), Robotic Process Application (RPA) and computational linguistics amongst others.
Chief Investment Officer, Prasun Gajri said "HDFC Life has been a leader in technology adoption in the Indian life insurance space. In order to further enhance our technology leadership in the sector, we are now looking to work with the start up ecosystem to solve some of our business problems.
"HDFC Life's Digital strategy has focussed on transforming its core through digital initiatives while simultaneously re-imagining insurance business models with use of disruptive technologies. We have always believed in working with the best. The startup ecosystem has good talent and an approach of innovative thinking. HDFC Life Futurance initiative is a logical win-win step in that direction." Chief Operating Officer, Parvez Mulla, added.
As part of this program, startups will get an opportunity to connect with HDFC Life’s leadership, collaborate with the business teams and commercialize their products.
“We all know that organisations that have invested in technology leadership grow faster than the ones less initiated to the world of digital possibilities. HDFC Life has been an early adopter to digital transformation journey and now ranks amongst the best in the business. We will continue to scout for new opportunities and cultivate eco-systems that becomes thriving beds of innovation and growth.”, said Narendra Ganpule, Head – Digital at HDFC Life.
The HDFC Life Futurance, program, now live on www.ivycamp.in, is scouting for startups working in emerging technologies. The selected startups, through the program, could also gain access to investment opportunities from HDFC Life and IvyCamp network.
Anju Gupta, Co-founder and President of IvyCamp said, “Our partnership with HDFC Life aims to create a platform where startups come together to further accelerate tech innovation and address critical pain-points of businesses. We are excited to have HDFC Life as our partner for this powerful program and we are certain that this initiative will kick-start the next phase of disruptive innovation in India across different sectors. The program also aims to encourage entrepreneurship in India and make it more attractive for the youth to create a substantially large number of jobs every year.”
IvyCamp will also leverage its global alumni network of 10,000 entrepreneurs, technologists, mentors, investors, corporate partners and accelerators to support startups in this program.
IvyCamp brings its experience of engaging in corporate innovation programs for 30+ corporate partners including HDFC Ergo, Airbus, Sonata Software, Oracle, HDFC Bank, Yes Bank and others.