Mumbai, June 30 (APAC Media): SBI Life Insurance has partnered with the Indian Institute of Technology (IIT) Bombay to establish ‘Bharat’s AI & Cyber Innovation Hub for Insurance’, a joint research and innovation centre aimed at developing indigenous artificial intelligence and cybersecurity solutions for India’s insurance sector.
The collaboration was formalised through a Memorandum of Understanding (MoU) signed by Prof. S.V. Kulkarni, Dean (R&D), IIT Bombay, and Vishal Bhatia, Chief Information and Digital Officer, SBI Life Insurance, in the presence of Prof. Shireesh B. Kedare, Director, IIT Bombay.
Focus on AI and Cybersecurity
The newly established innovation hub will combine SBI Life’s expertise in the insurance sector with IIT Bombay’s research capabilities to develop advanced solutions in artificial intelligence, cybersecurity, quantum technologies, and other emerging areas relevant to the future of insurance.
The partnership will also focus on cyber defence research, AI-powered tools, executive education, talent development, strategic consulting, and innovation incubation.
Supporting India’s Digital Future
SBI Life said the initiative aligns with the government’s Atmanirbhar Bharat vision by promoting home-grown technology for the financial services sector.
Commenting on the partnership, Abhijit Gulanikar, President – Operations and IT, SBI Life Insurance, said the next phase of growth in financial services will be driven by organisations that create technology rather than simply adopt it.
He added that the collaboration aims to build an AI-native foundation capable of protecting customer data while strengthening the resilience of India’s insurance ecosystem.
With India’s insurance market projected to witness strong growth over the coming years, the company said the initiative is expected to support the development of secure, scalable, and technology-driven solutions that meet the evolving needs of customers and regulators.
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