IIT Bombay Partners SBI Life to Build AI and Cybersecurity Hub for Insurance Industry

IIT Bombay and SBI Life have launched joint AI and cybersecurity innovation hub to develop indigenous insurance technology. Check details here

IIT Bombay-SBI Life Partnership

Indian Institute of Technology Bombay has partnered with SBI Life Insurance to set up Bharat AI & Cyber Innovation Hub for Insurance, a joint research and innovation centre focused on developing India-made artificial intelligence and cybersecurity solutions for insurance sector. 

Major goal of partnership is to develop indigenous cyber defence capabilities and strengthen India’s ability to handle emerging digital threats in financial sector. It will also help train students and researchers by involving them in real industry challenges related to AI and cybersecurity.

This initiative aims to build AI-driven cyber defence systems that are designed, developed and owned in India. SBI Life highlighted that India’s insurance market is expected to grow at a rate of 6.9% annually until 2030.

This new hub will conduct research in artificial intelligence, cybersecurity, quantum technologies and digital insurance systems. Along with research, it will also focus on executive training, skill development, innovation support, strategic consulting and collaboration between academia and industry. IIT Bombay said hub will help turn advanced research into practical technologies and deepen cooperation between educational institutions and industry partners.