IIT Bombay and SBI Life join forces to create AI-powered cyber defence hub for insurance sector

The Indian Institute of Technology Bombay (IIT Bombay) has entered into a partnership with SBI Life Insurance to establish a joint research and innovation centre named the ‘Bharat AI & Cyber Innovation Hub for Insurance’. The hub will focus on developing indigenous artificial intelligence (AI) and cybersecurity technologies tailored for India’s insurance industry.

This collaboration aims to build AI-powered cyber defence systems that are designed, developed, and owned in India, aligning with the government’s Atmanirbhar Bharat (self-reliant India) initiative. According to a statement from SBI Life, the country’s insurance premium market is expected to grow at an annual rate of 6.9% until 2030, making robust cybersecurity and customer data protection increasingly vital as insurance adoption expands.

The hub will bring together researchers from IIT Bombay and industry experts from SBI Life to work on cutting-edge solutions in artificial intelligence and cybersecurity. Key areas of focus include threat detection, data privacy, and secure digital transactions. The initiative is expected to contribute to the digital transformation of the insurance sector while ensuring customer trust and safety.

IIT Bombay, known for its strong research credentials, will provide the academic expertise and technical resources needed for the project. SBI Life, one of India’s leading life insurance companies, will contribute industry insights and practical challenges. The partnership is seen as a model for academia-industry collaboration in emerging technology fields.

This development comes at a time when cyber threats are becoming more sophisticated and frequent, particularly in financial services. The insurance sector handles sensitive personal and financial data, making it a prime target for cyberattacks. By developing indigenous cyber defence capabilities, the hub aims to reduce dependence on foreign technologies and create solutions that are tailored to Indian requirements.

The Bharat AI & Cyber Innovation Hub for Insurance is expected to commence operations in the coming months. It will also serve as a platform for training students and professionals in the latest AI and cybersecurity practices, thereby building a skilled workforce for the future.