HDFC Life partnered with riidl Somaiya Vidyavihar, the startup incubation centre supported by Somaiya Trust, to host the ‘Demo Day’ for Futurance Phase 6. Futurance, an ongoing corporate engagement programme, initiated by HDFC Life, is designed to provide startups with opportunities to develop innovative, next-generation solutions. It involves a competitive process where applications are invited from startups. The shortlisted ones get a platform to present their solutions. Further, the winners get an opportunity to engage with HDFC Life’s leadership team, collaborate with business units, expand their customer reach, and commercialise their products.
Currently in its sixth phase, Futurance 2024, focused on the areas of MedTech, MarTech and HRTech. The ‘Demo Day’ followed the evaluation of hundreds of applications across these focus areas. Seven startups were shortlisted to present their solutions, with the top three emerging as winners. These winning startups will now conduct a Proof of Concept (POC) with HDFC Life.
Commenting on the success of Futurance Phase 6 – Demo Day, Vineet Arora – Chief Business Officer – Distribution, Data & Technology HDFC Life, said, “At HDFC Life, innovation is a way of life. We are always looking for innovative solutions to address business challenges, and partnering with startups enables us to explore cutting-edge solutions. Futurance has consistently introduced us to startups capable of delivering impactful solutions. As an insurer, we constantly strive to enhance efficiencies and improve the overall customer experience.”
Gaurang Shetty, Chief Innovation Catalyst at riidl Somaiya Vidyavihar, stated, “Bestowed with the National Award by the Department of Science & Technology, riidl Somaiya Vidyavihar has been driving innovation and entrepreneurship since 2010. With support by the Department of Science & Technology, BIRAC, Department of Biotechnology, Govt of India, and the Maharashtra State Innovation Society- Government of Maharashtra, it has incubated over 250 startups and facilitated the creation of over 1,000 jobs and internship opportunities. At riidl Somaiya Vidyavihar, we are always creating and engaging in opportunities to help innovation driven founders grow and succeed. Our partnership with HDFC Life, through its Futurance program, has been instrumental in providing entrepreneurs the opportunity to pilot their solutions, which is often a challenge. This corporate engagement program offers startups the possibility of commercial partnerships upon successful pilot completion, enabling them to innovate and create real impact in the ecosystem.”
