With the aim to launch “Futurance”, a programme to recognize and work with start-ups that have developed products of immense potential which could provide business opportunities in insurance value chain, On Tuesday, June 25th, HDFC Life Insurance Company Limited announced the formation of a strategic partnership with IvyCamp, an arm of IvyCap Ventures Advisors Pvt. Ltd.
As per reports, Blockchain, Augmented Reality/Virtual Reality (AR/VR), Artificial Intelligence/Machine Learning (AI/MI), Robotic Process Application (RPA), Internet of Things (IoT), computational linguistics and Robotic Process Application (RPA) focussed start-ups will be selected for this newly launched initiative by HDFC Life.
According to Prasun Gajri, Chief Investment Officer, HDFC Life,
“We have decided to work with the Start-up environment, In order to enhance our technology leadership in the sector even further while also simultaneously finding solutions to some of our business problems.”
As per reports, The start-ups that have been highlighted by the program also have the added benefit of gaining investment opportunities from IvyCamp Network and HDFC Life.
According to the President and Co-founder of IvyCamp, Anju Gupta, “Through this partnership with HDFC Life, both companies seek to provide a create a platform for start-ups, wherein they come together to address critical pain-points of businesses and also further boost the innovation of tech. This programme will also encourage entrepreneurship in India which will create more and more job opportunities in the country over the years to come.”
The selected start-ups in this programme will also receive an opportunity to collaborate with the business team of HDFC Life, advertise their products as well as connect with the firm’s top executives.
As per reports, In a bid to support startups in this program, IvyCamp would also be leveraging its global alumni network of 10,000 technologists, entrepreneurs, mentors, investors, accelerators and corporate partners.
Parvez Mulla, Chief Operating Officer for HDFC said, “HDFC Life Futurance project is really a logical win-win for the startup ecosystem, as it has great talent as well as an approach of innovative thinking.”