The Indian Institute of Technology (IIT), Bombay has partnered with SBI Life Insurance to launch the Bharat AI & Cyber Innovation Hub for Insurance. This is a hub for research and innovation in AI and cybersecurity for the insurance industry in India.The move will enable India-made, Indian-developed and Indian-made cybersecurity and AI technology to support India in its mission of technological self-reliance under the Atmanirbhar Bharat Mission. The expansion also aligns with India’s fast-growing insurance industry, which requires robust digital security measures.
A hub for developing AI and cybersecurity technologies
Bharat AI & CyberInnovation Hub will work to develop proprietary technologies that will address emerging threats in the insurance industry. It will help India become less dependent on cybersecurity and create solutions for its economy.Insurers rely heavily on digital technology to deliver their services and process information for their customers.
Research on AI, Cybersecurity and Quantum technology
Research will be conducted in various areas related to technological advancements, such as artificial intelligence, cyber security, quantum technology, and digital insurance solutions.In addition to research work, the center will also focus on translating findings into applied technology that can be used by the insurance sector. The partnership will facilitate interaction between students and industry representatives.
The growth of the insurance sector raises the need for digital security
SBI Life Insurance says that India’s value market in the insurance industry should be expanded by an average growth of 6.9 percent every year until 2030. This means that the penetration of insurance increases, there will be more privacy to deal with, therefore, the need for cybersecurity measures becomes more important. This is what the Bharat AI & Cyber Innovation Hub was supposed to achieve.
Partnership to create a skilled AI and Cybersecurity workforce
The partnership is not limited to technology but will also focus on higher education, talent development, technical consultancy, capacity building, and research.Students and researchers can get an opportunity to address industry challenges, which will ensure the creation of a skilled workforce that can address the technical needs of the Indian insurance industry.
A model for the future industry collaboration and education
The IIT Bombay has stated that the Bharat AI & Cyber Innovation Hub has been set up to serve as a blueprint for any future collaboration between academia and regulated industries.Considering the integration of academic knowledge with industrial requirements, the aim is to accelerate innovation through research and development of biotechnologies.