NewsVoir

Mumbai (Maharashtra) [India], June 24: In a significant move to foster sustainable, industry-wide innovation, HDFC Life, one of India's leading life insurers, in partnership with the Society for Innovation & Entrepreneurship (SINE), IIT Bombay, has launched 'HDFC Life InsUReka' - an innovation challenge for startups. This strategic partnership marks a key milestone in India's Insurtech journey, bringing together HDFC Life's industry expertise with SINE's technological prowess to offer a platform that aims to identify and support startups driving innovation in life insurance.

The initiative invites startups from across India to co-create transformative, tech-driven solutions that address real-world challenges in the life insurance industry. Through this challenge, HDFC Life and SINE seek to catalyse a new wave of innovation focused on enhancing customer experience, improving operational efficiency, advancing risk management, and driving digital transformation in the life insurance value chain.

Why participate in HDFC Life InsUReka?

The HDFC Life InsUReka challenge offers a unique opportunity for startups to gain high-impact visibility, mentorship, and potential collaboration with one of India's leading life insurers. Startups participating in the program will work on carefully curated real-world problem statements sourced from HDFC Life's operating ecosystem. SINE, the technology business incubator at IIT Bombay will play a key role in short listing, mentoring, and supporting the startups at every stage of the challenge.

Key benefits include

* Opportunity to work on Proof of Concept (PoC) to solve business challenges with HDFC Life. Successful POCs may lead to potential contracts with HDFC Life, giving startups a gateway to enterprise-level partnerships

* Opportunity to scale their technology with industry-grade support

* Mentorship from industry leaders and access to a curated boot camp at SINE

* Networking and visibility through interactive sessions, workshops at SINE

The challenge will culminate in a startup showcase where standout innovations may lead to long-term partnerships with HDFC Life.

How to Apply: Interested startups can submit their applications online through the official portal at hdfclifeinsureka.sineiitb.org

Speaking on the launch, Sameer Yogishwar, Chief Operating Officer, HDFC Life, said, "At HDFC Life, we are innovating at every step of our customers' life insurance journey. Right from product creation to developing service solutions - there is a lot of research and designing that takes place in the background with a singular focus on customer convenience. We are delighted to partner with SINE. We have always believed in the power of partnerships and collaborations that foster growth and create opportunities through creative thinking, fresh ideas and state-of-the-art technology. With HDFC LifeInsUReka, we look forward to tapping into the entrepreneurial energy of India's vibrant startup ecosystem and co-create a strong, future-ready innovation pipeline. We believe HDFC Life InsUReka will serve as a platform for startups to innovate and contribute towards our efforts for achieving 'Insurance for All by 2047'."

Highlighting the significance of the partnership, Shaji Varghese - Chief Executive Officer, SINE IIT Bombay said, "At SINE, we are committed to enabling breakthrough innovations that can transform industries. Our collaboration with HDFC Life for the 'InsUReka Innovation Challenge' aligns perfectly with our mission to nurture deep-tech startups and foster impactful solutions. This initiative not only brings real-world problem statements to the startup ecosystem but also creates a unique opportunity for entrepreneurs to co-create with one of the leading insurers in the country."

Interested startups can apply for HDFC Life InsUReka until 7th July.

For more information reach out at [email protected]

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