HDFC Life announces Nvest as the winner of Futurance, a platform for startups providing innovative solutions
HDFC Life, one of India’s leading life insurers, has partnered with IvyCamp, an initiative of IvyCap Ventures Advisors Pvt. Ltd., to introduce Futurance. This platform enables tech-enthusiastic startups to co-create targeted solutions and develop next-gen capabilities for HDFC Life.
In its fifth season, Futurance focused on the following domains:
Alternate & Augmented Data: Leveraging data from unconventional sources to validate customer details, enhance marketing strategies, and refine the underwriting model.
Medical/Health Tech: Introducing remote health testing to improve customer onboarding and underwriting processes.
Innovative Sales Tech: Implementing sales tech solutions for lead generation, customer screening, and optimizing insurance distribution.
AI-based Vision & Voice Solutions: Utilizing AI-based smart-vision solutions to enhance the customer experience.
Six startups were shortlisted in season 5: Nvest, Subtl.ai, Toplyne, Zipteams, Convin, and Riskcovry. Nvest emerged as the winner, specializing in a proprietary configuration engine that empowers various tools and functionalities, significantly reducing product launch time. Nvest’s advanced algorithms and modules further contribute to boosting sales effectiveness, persistency, and ticket size.
Prasun Gajri, Chief Investment Officer, HDFC Life, said, “Since its inception, HDFC Life has been a forerunner in investing ahead of the curve in cutting-edge technology, embracing innovations, and leveraging the power of the latest technology solutions. We started Futurance in 2019 to access diverse talents and welcome new ideas into our organization to build a robust system that offers simple solutions. The core is to understand the customer and provide an easy-to-understand customer journey. Our Futurance program has enabled us to do that, repeatedly. I would like to thank all the participants and wish the winners my best for a wonderful partnership.”
Anju Gupta, Co-founder, and President of IvyCamp, said, “At IvyCamp, we are always creating and engaging in opportunities to help driven founders grow and succeed. Engaging with corporates has been a very successful path to helping startups scale and add value to large organizations. HDFC Life, through Futurance, has been committed to supporting innovative entrepreneurs and working with them to help the organization incorporate innovative solutions to grow customer value, enhance internal processes, digitize and much more.”
Over the past four years and five seasons of Futurance, 12 startups have made significant strides in areas such as Voice AI, Metaverse, Customer Onboarding, and HealthTech, engaging in proof-of-concept initiatives with HDFC Life.
