Insurance startups? HDFC Life is looking to mentor, partner, and fund you

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Published: June 26, 2019 8:33:32 PM

HDFC Life along with IvyCap Ventures is scouting for startups developing technologies around resume parsing, speech recognition, database and lead generation, and document gamification.

HDFC, HDFC to acquire Apollo Munich Health, HDFC Ergo, Apollo Hos, pitals group, Deepak Parekh, NCLT, IrdaiHDFC Life Insurance Company has strategically tied up with IvyCamp —  a startup support arm of venture fund IvyCap Ventures.

Life insurance provider HDFC Life Insurance Company has strategically tied up with IvyCamp —  a startup support arm of venture fund IvyCap Ventures to identify and work with startups working on emerging technology in the insurance value chain through the programme — Futurance.

Futurance is a ‘short term corporate engagement programme’ where HDFC Life and IvyCap is scouting for startups developing technologies around “resume parsing, speech recognition, database and lead generation, and document gamification, for HDFC Life” as per the programme’s website.

Focusing on early-stage startups, the programme will offer startups an opportunity for getting their proof-of-concept done, strategic alliance, and opportunity to get funded. The programme is exploring technologies including “AI/ML, blockchain, data sciences, AR/VR, IOT, robotic process application, and computational linguistics etc.,” as per the company statement, that startups are leveraging.

Large companies and corporations have been making a beeline for startups in India and abroad to engage with them in multiple ways including an incubation or accelerator programme, or a strategic programme like Futurance, or by setting corporate venture capital arm to fund startups or by simply acquiring them for their innovative products or talent.

Similarly, HDFC Life is also “looking to work with the startup ecosystem to solve some of our business problems,” said its Chief Investment Officer, Prasun Gajri even as “it 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.

IvyCamp has been engaging in such corporate innovation programs for over 30 companies including HDFC Ergo, Airbus, Sonata Software, Oracle, HDFC Bank, Yes Bank etc.

In April this year, HDFC Bank had also tied-up with the Bombay Stock Exchange (BSE) to boost startup listing on the BSE’s startup listing platform — BSE Startups. BSE had launched the platform in December last year. HDFC Bank has 60 dedicated branches for startups across 30 cities in India.

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