Deadline: 5-Mar-22
The Atal Incubation Centre (AIC)-NMIMS is pleased to announce the Corporate Innovation Connect (CIC) Program to bridge the gap between startups and corporates.
This is a collaborative corporate engagement program where they are scouting startups who can provide innovative business solutions to the corporate partners.
Areas
- MedTechMedtech & wearables: Startups offering non-invasive/at-home, remote solutions for diagnosis of existing or potential medical conditions using AI. The idea is to eliminate the need for the customer to visit a medical center for a checkup before the insurance purchase.
- AI based automated underwriting: Startups using AI to offer advanced predictive solutions for underwriting policies. E.g.: Automating risk assessment, profiling and pricing of premiums (accordingly) by predictive modelling using cognitive ML/AI to understand customer profitability, long term potential and other opportunities.
- AR/VR/MR: Startups into Augmented Reality/Virtual Reality/Mixed Realitybased solutions for policy disbursements and customer servicing. E.g.: VR used to alert and offer safety training through accident recreation to policyholders of possible risks to reduce accidents and boost policy purchase rates AR/VR/MR used to offer an immersive experience to create ads and marketing campaigns.
- No code applications: Startups offering user-friendly enterprise platform/software which involve zero coding to build quick journeys analyze data and generate customizable reports. E.g.: Data extraction and analysis with a feature rich, user friendly view, enabling users to execute a multitude of functions with a single click.
- Advances in actuarial science: Startups who are into research and applications of new ways to use statistical methods and predictive modelling to assess risks and forecast its implications. E.g.: Statistical predictive analysis to detect fraudulent claims, acquire new customers and identify behavioral patterns.
- MLOPs: Start-ups which provide an end-to-end machine learning development process to design, build and manage reproducible, testable, and evolvable ML-powered software. HDFC Life would be interested in products which enable automated testing of machine learning artifacts (e.g. data validation, ML model testing, and ML model integration testing).
- Gamification: Startups involved in developing a gamified environment and ecosystem to make monotonous life insurance processes fun, challenging & engaging for customers as well as employees. Start-ups that look to use gamification to redefine processes in sales, customer journeys or employee training would be relevant for this use case E.g.: Apps that offer sales management with some fun & competition by having a leadership board and badges to create a gamified sales experience and a culture of winning.
- Blockchain: Startups into blockchain based solutions for automation of insurance processes. Given that this is a fairly new area, HDFC Life is interested in start-ups which have Insurance relevant use cases, network partners and opportunities. E.g.: Shared KYC or medical records which can be used by multiple industry partners.
- Automated or enhanced customer retention: Startups offering techniques like Design thinking for quick & optimized solutions in the domain of customer servicing to maintain long term customer relationship to cross-sell/up-sell, resolve queries and renew policies. E.g.: Customer self-service or tailoring targeted customer experiences by extracting customer needs with the use of smart technologies.
- Alternative data sources: Startups that supply additional data points that give out more information/insights about the customer/market potential (with limited customer involvement) beyond generic data like age, pin code, etc. to maximize data driven decision making. E.g.: Third party data sources through the entire customer journey like credit card transaction details of the customers could be a data point to assess premium payment capacity
- Behavioral Science: Startups that understand decision making and choice architecture of customers and instigate a behavioral/habit change through solutions that exploit biases, nudging and other design & measurement tactics. E.g.: Targeted matching customers with company representatives who have similar demographic/psychological profiles promotes customer engagement and cross-selling.
- Revenue Assurance: Post Sales within a period of one/two months identify through overall data and analytics which customers are likely, less likely and not likely to pay the premium amount throughout the entire contact period. After identification develop appropriate strategies and methods to persuade the less likely and not likely customers pay the premium amount throughout the contract period.
- USSD: As part of Innovations, Star Health is planning to enable rural insurance via USSD where people can purchase policy without internet and using basic feature phones. Provide a further breakdown of performance goals based on requirements in Business Requirements Definition. E.g. Service Availability, Transaction Volume, Response Time.
- Prepaid Claims: Implement prepaid claims to enhance the claims experience of their customers. Intention is the customer at the time of hospitalization has to have a check-in and checkout experience just like hotel without any hassles.
- Develop models that can help building trust factor of providers and customers
- Classification of various medical procedures carried out at providers
- Identify and understanding gaps in existing claims process
- Fraud control mechanism
- Advanced auto adjudication mechanism
- Feasibility of Integration with NHS (National Health Stack)
- Building rules & framework to achieve prepaid claims
- Digital Health Card: An all-in-one health card that no only used just as identification for claims but do the following: 1)OP/ Health Checkups (including labs) – Able to spend from the loaded amount, Top-up the card with any amount beyond loaded amount, Re-imbursement provision (where settlement amount can be transferred), Digital Health Card – Holding the policy details & medical history, Wallet.
- Digital Health Repository: Develop health repository integrated with Digital health record of Ayushman Bharat Digital Infra & NDHM.
Benefits
- Connect and direct access to key decision makers in corporate
- Business Partnership and Co-creation with corporate
- Opportunity to work together and scale your innovation with industry experts
For more information, visit https://aic.nmims.edu/corporate-innovation-connect-program/