HDFC ERGO Conducts the Grand Finale of the 1st Edition of TechPreneur, a Future Forward Start-up Challenge to Boost Innovation in Insurance
04.10.2024 - 14:06:07
September 2024, witnessed participation of seven promising start-ups, with Zyla Health, Z-Score and Amnic emerging as the winners.
As part of the challenge, HDFC ERGO had invited start-ups to pitch their ground-breaking solutions and innovations for the insurance industry focussing on six key areas poised to revolutionise the industry; Generative AI, Motor & Health Claims Processing, Fraud Detection, Marketing Technology (MarTech), Customer Experience Management (CEM), and Underwriting (UW).
The initial rounds of the competition kicked off on September 17, where 17 participants were shortlisted for the first round of pitching from among the initial competitive pool of 140+ start-ups. These shortlisted innovators were further put through a thorough round of scrutiny in the second round of virtual pitching held on September 20. The final 7 contenders selected to present their ideas to an esteemed panel of judges comprising of senior leaders from HDFC ERGO, BCG and HEIITB at a physical event held on September 25.
Commenting on the idea behind launching TechPreneur Day, Parthanil Ghosh, Director and Chief Business Officer, HDFC ERGO General Insurance, said, “India is slated to become one of the largest insurance markets in the world, with ‘Insurtech’ playing a critical role in its growth journey. As a leading non-life insurer of India, with customer centricity at its core, we at HDFC ERGO understand how critical innovation is not just for staying ahead and remaining relevant in a rapidly evolving consumer market but more importantly to serve the Indian consumer with the right insurance products and services. Being a ‘Digital Insurer Operating at Scale, we have been continuously leveraging technology to democratise the insurance sector with an aim to insure more, serve more, reach more. By offering a platform to emerging insure-tech start-ups, we want to foster the next wave of innovation that will shape insurance landscape and propel financial inclusion in Bharat. The challenge embodies HDFC ERGO’s commitment to fostering innovation and delivering enhanced services to customers.”
The winners were awarded an opportunity for a paid Proof-of-Concept (POC) with HDFC ERGO. In addition, the winners also received Google Cloud Credits, granting them access to Google's robust cloud computing resources, enabling them to further develop and scale their cutting-edge solutions. Besides, HDFC ERGO will further consider implementing other AI led innovation projects, which the winning start-up team comes up in future.
HDFC ERGO is leading the way in revolutionising the customer experience through innovative digital-first initiatives. By leveraging technology and data, the organisation is empowered to address need-based demands and offer hyper-personalised services that enable it to provide customised solutions. HDFC ERGO has always been at the forefront of innovation in the insurance industry and launched innovative platforms such as the Here app, a unique proposition that goes beyond traditional insurance, focusing on health, mobility and pets to address real customer issues. Similarly, the organisation’s strategic partnerships with institutions like IIT Bombay and collaborations with tech leaders like Google Cloud and Meta to provide seamless and convenient solutions at each point reflect its approach to staying ahead in the digital landscape.
About HDFC ERGO
HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector bank, the Company has become a subsidiary of the Bank. HDFC ERO is one of India’s leading non-life insurance company in the private sector. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience.
The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 75% of the services digitally on a 24x7 basis with ~17% of the customer requests serviced by Artificial Intelligence-based tools. The Company has one of the best claims payout ratios in the General Insurance industry.
The Company offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.
Please log on to www.hdfcergo.com or stay connected on the following social media handles to get more information on HDFC ERGO and the products and services offered by the company.
Facebook: https://www.facebook.com/hdfcergo
Twitter: https://twitter.com/hdfcergogic
LinkedIn: https://www.linkedin.com/company/hdfcergo
YouTube: https://youtube.com/c/hdfcergo
As part of the challenge, HDFC ERGO had invited start-ups to pitch their ground-breaking solutions and innovations for the insurance industry focussing on six key areas poised to revolutionise the industry; Generative AI, Motor & Health Claims Processing, Fraud Detection, Marketing Technology (MarTech), Customer Experience Management (CEM), and Underwriting (UW).
The initial rounds of the competition kicked off on September 17, where 17 participants were shortlisted for the first round of pitching from among the initial competitive pool of 140+ start-ups. These shortlisted innovators were further put through a thorough round of scrutiny in the second round of virtual pitching held on September 20. The final 7 contenders selected to present their ideas to an esteemed panel of judges comprising of senior leaders from HDFC ERGO, BCG and HEIITB at a physical event held on September 25.
Commenting on the idea behind launching TechPreneur Day, Parthanil Ghosh, Director and Chief Business Officer, HDFC ERGO General Insurance, said, “India is slated to become one of the largest insurance markets in the world, with ‘Insurtech’ playing a critical role in its growth journey. As a leading non-life insurer of India, with customer centricity at its core, we at HDFC ERGO understand how critical innovation is not just for staying ahead and remaining relevant in a rapidly evolving consumer market but more importantly to serve the Indian consumer with the right insurance products and services. Being a ‘Digital Insurer Operating at Scale, we have been continuously leveraging technology to democratise the insurance sector with an aim to insure more, serve more, reach more. By offering a platform to emerging insure-tech start-ups, we want to foster the next wave of innovation that will shape insurance landscape and propel financial inclusion in Bharat. The challenge embodies HDFC ERGO’s commitment to fostering innovation and delivering enhanced services to customers.”
The winners were awarded an opportunity for a paid Proof-of-Concept (POC) with HDFC ERGO. In addition, the winners also received Google Cloud Credits, granting them access to Google's robust cloud computing resources, enabling them to further develop and scale their cutting-edge solutions. Besides, HDFC ERGO will further consider implementing other AI led innovation projects, which the winning start-up team comes up in future.
HDFC ERGO is leading the way in revolutionising the customer experience through innovative digital-first initiatives. By leveraging technology and data, the organisation is empowered to address need-based demands and offer hyper-personalised services that enable it to provide customised solutions. HDFC ERGO has always been at the forefront of innovation in the insurance industry and launched innovative platforms such as the Here app, a unique proposition that goes beyond traditional insurance, focusing on health, mobility and pets to address real customer issues. Similarly, the organisation’s strategic partnerships with institutions like IIT Bombay and collaborations with tech leaders like Google Cloud and Meta to provide seamless and convenient solutions at each point reflect its approach to staying ahead in the digital landscape.
About HDFC ERGO
HDFC ERGO General Insurance Company Limited was promoted by erstwhile Housing Development Finance Corporation Ltd. (HDFC), India’s premier Housing Finance Institution and ERGO International AG, the primary insurance entity of Munich Re Group. Consequent to the implementation of the Scheme of Amalgamation of HDFC with and into HDFC Bank Limited (Bank), one of India’s leading private sector bank, the Company has become a subsidiary of the Bank. HDFC ERO is one of India’s leading non-life insurance company in the private sector. A digital-first company, transforming into an AI-first company, HDFC ERGO is a leader in implementing technology to offer customers the best-in-class service experience.
The company has created a stream of innovative & new products as well as services using technologies like Artificial Intelligence (AI), Machine Learning (ML), Natural Processing Language (NLP), and Robotics. HDFC ERGO offers a range of general insurance products and has a completely digital sales process with ~94% of retail policies issued digitally. HDFC ERGO’s technology platform has empowered the customers to avail 75% of the services digitally on a 24x7 basis with ~17% of the customer requests serviced by Artificial Intelligence-based tools. The Company has one of the best claims payout ratios in the General Insurance industry.
The Company offers a complete range of General Insurance products including Health, Motor, Home, Agriculture, Travel, Credit, Cyber and Personal Accident in the retail space along with Property, Marine, Engineering, Marine Cargo, Group Health and Liability Insurance in the corporate space. Be it unique insurance products, integrated customer service models, top-in-class claim processes or a host of technologically innovative solutions, HDFC ERGO has been able to delight its customers at every touch-point and milestone to ensure consumers are serviced in real-time.
Please log on to www.hdfcergo.com or stay connected on the following social media handles to get more information on HDFC ERGO and the products and services offered by the company.
Facebook: https://www.facebook.com/hdfcergo
Twitter: https://twitter.com/hdfcergogic
LinkedIn: https://www.linkedin.com/company/hdfcergo
YouTube: https://youtube.com/c/hdfcergo
