March 15, 2019
Apollo Munich Health Insurance, a leading health insurance company, has always endeavored to be at the forefront of technology innovation. In alignment with its focus on leveraging cutting-edge technology to deliver world-class banking services to its clients, the company launched its first accelerator program called ‘InspireNext’ on March 12, 2019, at its corporate headquarters in Gurugram, NCR.
InspireNext was created by Apollo Munich with a view to support and collaborate with entrepreneurs who are driving innovation in the FinTech/InsurTech ecosystem and to leverage their expertise for co-creating solutions that can benefit the company’s consumer base.
The InspireNext program, in its inaugural year, intends to work on areas such as Customer Onboarding, Augmenting Customer Engagement, Claims Management, New-Age Risk Management Solutions, Operational Efficiencies, and HR Tech. This 15-week program will comprise of 5 weeks of on-site interactions and 10 weeks of off-site collaboration, where startups can work from their base locations, with a focus on co-creating a market-ready product.
The Zero-Day of the program was a culmination of more than three months’ effort led by the Apollo Munich Innovation Team, in tandem with MEDICI, a globally trusted destination for FinTech insights and advisory. It included the following stages:
The first stage of the accelerator program encompassed pre-program activities where over 50 meetings were held with 16+ BUs and internal technology teams. This was done to identify their most pressing pain points and develop a baseline view of which FinTech/InsurTech spaces would be best able to work with each BU, for arriving at mutually beneficial solutions.
This was followed by an application process hosted on the MEDICI platform, where over 150 startups applied for the accelerator program. After careful evaluation by both Apollo Munich Health Insurance and MEDICI, 17 startups were invited to demonstrate their solutions on Pitch Day on February 21–22 this year and a total of 9 startups were shortlisted.
As part of InspireNext, these startups will be working closely with Apollo Munich’s business heads and tech mentors, through regular online and offline meetings, towards developing effective solutions.
Here are the shortlisted startups:
i3 Systems is an artificial intelligence-based business decision-making solution for the healthcare industry. The company has developed an artificial intelligence assistant which leverages patterns in data to automate claims processing and highlight fraudulent cases.
Riskcovry leverages data or real-time insights to reimagine the policy issuance process to enable access to all the health-related information about the customers in a non-intrusive manner, which helps them for the better understanding of insurance products for the customer.
Aktivo Labs provides a product that measures the healthiness of lifestyle in a way to let users make informed choices on how they should and would live. It helps them in personal digital wellness, where each user’s lifestyle fingerprint is met with an equally personalized awareness.
Health Vectors is an online platform which measures and gives suggestions for patients based on predictive analytics and cognitive computing. The artificial intelligence-powered platform can be integrated with various data sources and applications for providing health analyses of individuals and groups.
Gnani.ai focuses on providing customer experiences using AI-based speech recognition and NLP technologies for multiple languages. It automates voice assistants on a mobile phone and IVR for cost benefits and reducing customer wait times, helps to improve quality and efficiency of call center agent customer support in multiple channels (mobile/IVR) by automatic speech analytics-based QA processes, etc.
Phonon provides telecom software technology for call center and customer service operations. The solutions can easily be integrated with existing insurance infrastructure – viz. payment systems, customer database, CRM systems, voice bots with speech-to-text capabilities, intent & entity recognition, etc.
Hyreo is a cloud-based recruitment suite for employers. Features offered by the solution include an integrated ATS, automated recruitment marketplace, and chatbot-enabled candidate support experience, NLP-driven resume parsing, social data integration, and candidate sourcing performance analysis.
Pentation Analytics provides data analytics and decision-making capabilities for companies from their existing data. It delivers a solution that assists companies with soliciting & customer acquisition, risk assessment & policy development, etc. The platform leverages artificial intelligence, natural language processing, and deep learning to analyze a large volume of structured and unstructured data from various sources.
Artivatic.ai offers a technology platform to help insurance & healthcare businesses for streamlining & automating customer onboarding journey & profiling, document extraction & digitization, and underwriting risk & claims management with data, AI & ML.