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Apollo Munich Launches First of Its Kind InsurTech Ecosystem: InspireNext

The accelerating adoption of advanced technologies and ‘mobile-first, digital-everything’ models across industries set high standards and almost unattainable consumer expectations. In the past decade, the healthcare industry in India has been strongly impacted by the transformative force of technology, expanding access to millions in the urban and rural population of the country.

As India rapidly transforms into a major digital economy – courtesy the ever-increasing smartphone adoption and rapidly evolving innovation ecosystem fueled by entrepreneurial take on real-world problems – now is the time to embrace and facilitate the digital revolution in the Indian healthcare industry.

With this mission, Apollo Munich Health Insurance takes on the unique challenge and opportunity to provide superior customer service to the large Indian population by continuously improving its operational efficiency.

As the next step towards their mission of Making India Health Confident, Apollo Munich Health Insurance is pleased to announce the launch of their first-ever accelerator program, InspireNext, to embark on a journey of sourcing and adopting innovations by partnering with early-stage disruptive healthcare meets FinTech startups. With this step, Apollo Munich Health Insurance is aiming to address areas of opportunities within their key business units (BU) by developing innovative products.

About InspireNext

The main objectives of InspireNext are to engage with new-age innovative startups that can enable Apollo Munich Health Insurance to:

  • Enter into newer/niche segments through innovative products

  • Accelerate topline growth of existing products through innovative GTM partnerships

  • Enhance productivity/efficiencies in the internal business processes to drive bottom line growth

  • Augment customer experience on their digital assets thereby enabling superior customer onboarding and service

The Apollo Munich Health Insurance team worked with all group BUs and internal technology teams to identify their most pressing pain points in order to develop a baseline view of which FinTech spaces would be best able to work with each BU and arrive at mutually beneficial solutions.

The idea was to provide a platform for the incoming cohort to integrate their ‘tech’ and solve ‘fin’ problems holistically. With this, startups stand a chance to scale their business by increasing speed-to-market by offering their solutions to the large and diverse customer pool of Apollo Munich Health Insurance.

With its InspireNext program run in partnership with MEDICI, Apollo Munich Health Insurance is looking to identify FinTech/InsurTech startups with products and solutions that will address the following:

  1. Channel Partner Engagement

  2. Onboard Experience

  3. Augment Customer Engagement

  4. Claims Management

  5. New-Age Risk Management Solutions

  6. Operational Efficiencies

  7. HR Tech

  8. Cybersecurity

The startups will work closely with the business and technology leadership team of Apollo Munich Health Insurance, as well as their partners and collaboratively ideate and address several identified problem areas and innovation opportunities across different BUs.

What’s in it for startups?

Among the main benefits for startups are:

  • Access to the Indian market: Get a unique opportunity to engage with Apollo Munich Health Insurance and access their customer base.

  • Ecosystem partners: A chance to interact and engage with ecosystem partners in co-working spaces, media partners, country partners, cloud service, etc. (For the list of ecosystem partners, refer to the site)

  • Funding: Showcase your products/POC and gain access to the program’s investment partners. (For the list of funding partners, refer to the site)

  • Focused mentorship: Take advantage of the continued engagement with industry experts and global investors via both classroom sessions and one-on-one interactions for the entire duration of the accelerator program.

Shortlisted startups will get an opportunity to pitch their solutions to the judging panel comprised of industry experts and Apollo Munich Health Insurance senior management in the third week of February.

Startups shortlisted on pitch day will get the opportunity to work with Apollo Munich Health Insurance for the course of 15 weeks as a part of their accelerator program. This 15-week program will comprise of 5 weeks of on-site interactions and 10 weeks off-site collaboration where startups can work from their base locations, with a focus on co-creating a market-ready product.

Eligibility criteria

  • Early-stage or matured startups with an MVP addressing any one of the defined problem statements.

  • Applying startups should have been live for at least a year.

  • Applying startups can be located anywhere globally but must have a presence in India.

  • The startups need to submit their interest in order to apply for Apollo Munich’s InspireNext.

Contact Kumar Abhishek, Sr. Research Analyst, MEDICI, at kumar@gomedici.com with any questions about InpireNext.

About Apollo Munich Health Insurance

Innovation has been in Apollo Munich’s DNA since inception. With the perfect mix of two powerful forces – The Apollo Hospitals Group and Munich Re Group – Apollo Munich has been continuously questioning the status quo in India’s health insurance landscape.

In its unprecedented journey of achieving significant milestones within a short time span, Apollo Munich has brought several breakthrough initiatives to the marketplace like lifelong renewal, restore benefits and many others.

Apollo Munich has become a forerunner in building a technology-led app – ‘Health Jinn’ – as a one-stop platform for customers to help them manage their policy in a hassle-free way and file a claim anywhere, anytime with everything at their fingertips.

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