HDFC Life - InsUReka

InsUReka

Come co-create the future of insurance

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Founded in 2000, HDFC Life Insurance Company Limited ('HDFC Life' or the 'Company') is a leading provider of long-term life insurance solutions in India. It offers a broad range of individual and group plans across the Protection, Pension, Savings, Investment, Annuity, and Health categories, with a portfolio of products and optional riders designed to meet the diverse needs of its customers.

HDFC Life is a subsidiary of HDFC Bank Limited, one of India's leading private banks.The Company has a nationwide presence, operating through its own branches and a network of over 300 distribution partners, including banks, NBFCs, MFIs, SFBs, brokers, and emerging ecosystem partners.HDFC Life also maintains a strong base of financial consultants.

Recognised as a great place to work, HDFC Life is deeply committed to governance and sustainability, ensuring responsible business practices that align with its long- term objectives.

Being one of the industry pioneers, we, at HDFC Life, continue to build for the future in the face of uncertainty in the macro-economic environment and emergence of multiple new players. To maintain our position of strength, we must continue to reinvent ourselves and look for opportunities in uncertainties.

HDFC Life has embraced that adopting cutting edge technology is paramount to building a robust future. Artificial Intelligence (AI) and data analytics will help revolutionize risk assessment, streamline underwriting processes, and enhance fraud detection. Technology provides a secure and transparent means for policy issuance and claims settlement, fostering trust among stakeholders.

HDFC Life has pioneered the digital space in the insurance industry by investing ahead of the curve on cutting-edge technology and embracing innovation. While we have built an extensive suite of digital capabilities in-house, we still believe that partnering with external ecosystems brings fresh and innovative ways of addressing the existing challenges as well as building future ready capabilities.

In line with this philosophy, our teams are constantly scouting for talent across for startups and mature organisations to collaborate and co-create targeted solutions and build next gen capabilities for HDFC Life.

We are pleased to have partnered with SINE-Society for Innovation and Entrepreneurship, IIT Bombay a distinguished Technology Business Incubator for scouting the start ups for innovative technologies, as part of our ongoing journey to provide solutions for business requirements through collaboration and innovation.

About the challenge

InsUReka is an innovation challenge that aims to identify promising startups that can provide innovative solutions in the life insurance space. This challenge provides a platform to start-ups to develop niche futuristic solutions. The challenge is launched by HDFC Life in collaboration with Society for Innovation and Entrepreneurship (SINE), IIT Bombay. It is a transparent competition for startups to showcase their offerings and capabilities.

Are you ready to transform the insurance industry?

Dare to disrupt, innovate and redefine the way life insurance works!

Apply Now

Solution areas

AI & Gen AI

For improvement in CX and augment customer engagement, risk and controls

HealthTech Innovation

To challenge the status quo and reimagine the pre policy issuance medical check-ups

Middleware Solutions

Middleware solutions for data aggregation and fetching for customer risk assessment

Data Analytics

To harness insights and models from data to aid in the process improvement

VR & Gamification

Virtual reality and gamification for customer engagement

Automation Solutions

Automation solutions with plug and play model, low/no code

Emerging Tech

Any other Emerging Tech Domain with relevance to the themes for the challenge

Problem statement

Seamless customer proposal document procurement, management and authentication

Transform the customer experience across the insurance policy lifecycle with solutions for:

Document collection & authentication: Fetch, verify, and manage documents (e.g., ITRs, Mutual Fund statements, ABHA) with AI/ML-based technologies.
Communication re-engineering: Develop voice/chat-based systems for real-time customer communication.
Smart restrictions: Prevent non-eligible, redundant, or duplicate documents at the upload stage to enhance efficiency.
To achieve zero escalation process for customer onboarding & policy issuance process.

Digital Medical Assessments

Revolutionize pre-policy health risk assessments with:

Remote, digital surrogate tools for health evaluations.
Tech-powered alternatives to physical medical examinations for better accessibility and cost-effectiveness ensuring clinical significance
Enhanced fraud detection and prevention through secure and standardized processes.

Income Proof Alternatives for Financial Eligibility

Bridge the gap for customers who lack conventional income proofs:

Establish reliable proxies for financial eligibility using Emerging technologies.
Focus on underserved segments for example, self-employed individuals in Tier-II, III, and rural markets.
Enable cross-sell and up-sell opportunities by identifying alternative indicators of income.

Customer Profile Visibility – one lens – customer information across systems

Streamline interaction points with a unified customer profile view:

Tech-based dynamic dashboards for better policy feature visibility and periodic updates.
Automated alerts for opportunities and discrepancies to improve underwriting, claims, and customer service.

Data Reconciliation

Enhance operational efficiency and control with:

A smart data analytics platform featuring intuitive dashboards by integrating with existing systems
Tech-based data reconciliation for seamless vendor payment processing and fraud detection. Automated financial reporting and variance analysis to improve accuracy and reduce manual effort.

Theme for the challenge

We are seeking technology-driven solutions for Life Insurance Industry in three key areas

Operational
efficiency

Customer
experience

Risk and
control

Benefits of participating

Gain industry exposure, mentorship, and a chance to collaborate with HDFC Life to shape the future of insurance.

POC opportunities

Work on a Proof of Concept (PoC) with HDFC Life to solve business challenges. Successful PoCs may lead to a contract with HDFC Life for integration into HDFC Life's ecosystem giving your startup unparalleled business exposure.

Get mentorship

Gain mentorship from industry leaders and HDFC Life's experienced team for strategic insights to navigate the insurance sector and refine your innovation.

Scale your technology

Opportunity to scale your technology with industry-grade support post successful PoC

Ideation sessions & workshops

Possible access to HDFC Life's premises for interactive ideation sessions and workshops at SINE. These engagements provide a platform to network with like-minded peers, industry experts, and innovators, offering insights into emerging trends and best practices for startups.

Eligibility criteria

Key factors for becoming a challenger include market readiness, a strong team, industry relevance, and a scalable solution.

Stage of development

Your start-up must have a working prototype or a Minimum Viable Product (MVP). Tech agnostic compatibility and flexibility.

Market readiness

Showcase market validation through pilot programs, early traction, or initial users. Your solution should be ready to scale.

Business registration

Start-ups must be registered entities as per DPIIT. There should not be any background of legal charges for the start-ups or its members. Start-ups with a significant market presence in India are welcome. In case start up is from foreign countries, it needs to adhere to all the compliances applicable in India

Team composition

A dedicated team with at least two co-founders or core members, equipped with complementary skills and a clear vision. The team should have members with complementary skills such as tech, design and business. In case the startup has members connected with HDFC Life in any business capacity, it should be declared, the further steps will be at the discretion of SINE & HDFC Life

Additional preferences

Prior experience in BFSI, healthcare or relevant industry segment
Core members familiar with insurance segment
Compliance to data privacy and DPDP act

For any queries
contact us on

Email Us At

Hdfclife.InsUReka@sineiitb.org

Phone Number

022 2576 7016

FREQUENTLY ASKED QUESTIONS

Who can apply?

Startups with a working MVP or prototype addressing the specified problem statements.

Is there a fee to participate?

No, participation fees.

Is there any additional preference criteria?

Yes, startups with prior experience in BFSI, healthcare, or related sectors, teams familiar with the insurance segment, and those compliant with data privacy and the DPDP Act will have an added advantage.

What happens after submission?

Submissions will be reviewed, shortlisted, and selected for further rounds as per the timeline.

Will there be support post-challenge?

Yes, successful PoCs may lead to contracts and scaling opportunities with HDFC Life.

What programs and events does SINE IIT Bombay offer?

SINE IIT Bombay facilitates startup growth through programs like:

BIRAC BioNEST
DST NIDHI PRAYAS PMU
DST NIDHI PRAYAS
DST NIDHI EIR
IITB IOE FUNDING
Meity Tide 2.0
CAWACH
Biotechnology Ignition Grant Scheme
iDEX DISC
MeitY SASACT
Powerthon 2022
SIDBI Seed Fund at SINE
PLUGIN ALLIANCE
Titanium
BIRAC SEED
BIRAC LEAP

SINE IIT Bombay also offers various events to support startups, fostering innovation and entrepreneurship.

What are your working hours?

We are operational from Monday - Friday (9:30 am to 6:30 pm)

Terms & conditions

HDFC Life Insurance Company Limited,CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101. Registered & Corporate Office: 13th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Tel No: (022)67516666

The name/letter 'HDFC' in the name/logo of HDFC Life Insurance Company Limited (HDFC Life) belongs to HDFC Bank Limited and is used by HDFC Life under licence from HDFC Bank Limited.

TO THE MAXIMUM EXTENT PERMITTED BY LAW, IN NO EVENT SHALL HDFC LIFE OR ITS VENDORS BE LIABLE FOR DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, OR EXEMPLARY DAMAGES WHATSOEVER ARISING OUT OF OR IN ANY WAY RELATING TO USER'S USE OF OR FAILURE OR INABILITY TO PARTICIPATE IN THE INSUREKA OR USE THE INFORMATION ON THE WEBPAGE AND PROVIDE SERVICES, INCLUDING BUT NOT LIMITED TO, LOST PROFITS, LOSS OF INCOME, LOSS OF OPPORTUNITY, LOSS OF OR DAMAGE TO GOODWILL, LOSS OF CONFIDENTIAL OR OTHER INFORMATION, BUSINESS INTERRUPTION, LOSS OF PRIVACY, FAILURE TO MEET ANY DUTY (INCLUDING GOOD FAITH OR REASONABLE CARE), NEGLIGENCE, OR ANY OTHER CLAIM FOR PECUNIARY OR OTHER LOSS WHATSOEVER, OR FOR ANY CLAIM OR DEMAND AGAINST HDFC LIFE, EVEN IF HDFC LIFE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THESE LIMITATIONS SHALL APPLY NOTWITHSTANDING ANY FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY.

The discretion of HDFC Life in terms of the application process, evaluation, and confirmation on selected candidatures shall be final.

Although we make strong efforts to ensure our information is accurate, HDFC LIFE cannot guarantee that all the information on this website is always correct, complete, or up-to-date.

About the challenge

Are you ready to transform the insurance industry?