HDFC Life, one of India’s leading life insurance companies, and IvyCamp, an initiative of IvyCap Ventures Advisors Pvt. Ltd., have jointly launched the fourth phase of Futurance.
HDFC Life’s Futurance is an on-going corporate engagement program that identifies startups developing innovative and next-gen capabilities. As part of this program, startups get an opportunity to connect with HDFC Life’s leadership, collaborate with the business teams, expand their customer base, and commercialize their products.
This joint initiative was started in June 2019. Encouraged by the success of the last three phases, HDFC Life and IvyCamp announced a fourth phase for the program. In the third phase, Futurance scouted startups across the blockchain applications, virtual reality, non-invasive medical innovation and Insta agent.
With the launch of phase four of the Futurance program, the partnership will scout for startups across the following use cases including but not limited to:
Measurement of Vital Signs with Non-invasive, Remote and Wireless Sensing Technologies, Health Monitoring & wearables: The pandemic has seen the MedTech startup space gain prominence, both nationally and internationally, with exciting new startups developing non-invasive, remote solutions for medical diagnosis. These solutions can help HDFC Life rethink the insurance underwriting process.
Fraud detection: The digital pivot has seen an increase in cases of cyber fraud as well as cyber fraud prevention technology using AI and Video Analytics.
The fourth phase of Futurance is now live at https://www.hdfclife.com/about-us/futurance
Speaking on the launch of the fourth phase, Parvez Mulla, Chief Operating Officer – HDFC Life, said “HDFC Life has always pioneered industry leading innovations and practices. Futurance is one such initiative which has received immense appreciation from the startup ecosystem, both within India and abroad. Futurance has served as an engagement platform facilitating interactions with the startup founders and the HDFC Life team. We have been able to build deep working relationships with startups in the areas of artificial intelligence-based underwriting, cognitive bots, AI based selection and management of sales agents, medical tech, behavioral sciences, sales engagements, block chain, virtual reality and also non-invasive medical innovations. The fourth phase will help us get a fresh perspective on our existing problems while also expanding the boundaries of technology led innovations.”
Prasun Gajri, Chief Investment Officer – HDFC Life added, “At HDFC Life, our focus has been to continuously build market leading digital capabilities for greater reach, agility and efficiency. We had launched Futurance, a startup connect and outreach program in 2019, to co-create solutions for some of the industry’s pressing problems, and foster new thinking and innovation. The first three phases have witnessed over 390 applications, and the success of Futurance has led to similar programs being launched in the industry. The startups have an opportunity to connect with our leadership, collaborate with our business teams, and commercialize their products through balanced and full-fledged engagements. I am pleased to announce the fourth phase of Futurance and I am sure the program will help us identify new use cases while exploring emerging technologies within the insurtech sector.”
Anju Gupta, Co-founder and President of IvyCamp said, “Our association with HDFC Life has been very productive and symbiotic in adding value to HDFC Life through the startup innovations, and enabling these startups to scale. Today, with the launch of the fourth phase of Futurance, we are excited to continue this valuable partnership to engage with and add value through the startup ecosystem,”
Startups Polygon (Innovative blockchain and applications) and Imaginate (AR, VR & MR for customer servicing, Marketing & Engagement) have been announced as the winners for Futurance Phase 3.