Private Sector life insurance company HDFC Life has tied up with IvyCamp, a subsidiary of IvyCap Venture Advisors, to provide a platform to recognize start-ups that have built cutting edge products which might create business opportunities in the insurance space and work with them for mutual benefit.
This will be done through the platform 'Futurance' where startups will be given opportunities to co-create solutions and build next gen capabilities for HDFC Life.
“The programme is scouting for startups working in emerging technologies. The selected startups, through the programme, could also gain access to investment opportunities from HDFC Life and IvyCamp network”, the insurer said in a statement.
“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”, the company further said.
“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. This is an important initiative for us as we continue our journey to become a technology led company”, said Prasun Gajri, Chief Investment Officer.
Moreover, the company said that through the 'Futurance' programme, the selected startups will get a chance to work with the leadership of HDFC Life and collaborate with business teams and commercialise their products.
In this endeavor, IvyCamp will leverage its global alumni network of 10,000 entrepreneurs, technologists, mentors,
investors, corporate partners and accelerators to support startups in this programme.
“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.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”, said Anju Gupta, co-founder and resident of IvyCamp.