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 collaborative research and innovation center for the development of indigenous AI and cybersecurity technologies for the insurance industry in India.This move will enable the creation of Indian-designed, Indian-developed and Indian-owned cybersecurity and AI technologies to help India in its drive to become technologically self-sufficient under the Atmanirbhar Bharat Mission. The development also coincides with the rapidly growing insurance industry in India that needs robust digital security measures.
Hub for the development of indigenous AI and cyber security technologies
Bharat AI & Cyber Innovation Hub will work towards developing indigenous technologies that could respond to emerging cyber security threats in the insurance industry. It will enable India to become less dependent on imported cybersecurity models and create cybersecurity solutions for its financial system.Insurers rely heavily on digital technology to deliver their services and process massive amounts of customer data.
Research to cover AI, Cybersecurity and Quantum technologies
Research will be carried out in a wide range of fields related to the latest advances in technology, such as artificial intelligence, cyber security, quantum technology and digital insurance solutions.In addition to the research work, the center will also focus on the translation of the discoveries made into usable technology that can be applied by the insurance sector. The cooperation will facilitate interaction between academia and industry representatives.
The growth of the insurance sector increases the demand for digital security
SBI Life Insurance says that the premium market of India in the insurance industry is set to expand by an average growth of 6.9 percent every year until 2030. This means that as the penetration of insurance increases, there will be a lot of sensitive data to handle, thus, the need for cyber security measures becomes paramount. This is what the Bharat AI & Cyber Innovation Hub was intended to achieve.
Partnership to build a skilled workforce in AI and Cybersecurity
This collaboration is not only about technology, but would also focus on executive education, talent development, strategic consulting, innovation incubation and research.Students and researchers will have the opportunity to address practical industry issues, which will ensure the creation of a competent workforce capable of addressing the technological needs of India’s developing insurance industry.
Model for the future industry-academia collaboration
U IIT Bombay stated that the Bharat AI & Cyber Innovation Hub is set up to act as a blueprint for any future collaboration that might take place between higher education institutions and regulated industries.In view of the integration of academic knowledge and industrial requirements, the objective is to accelerate innovation through research and to develop indigenous technologies.
