Indian Institute of Technology (IIT), Mumbai has partnered with SBI Life Insurance to launch the Bharat AI & Cyber Innovation Hub for Insurance. It is a collaborative research and innovation center for the development of indigenous AI and cyber security technologies for the insurance industry in India.This move will enable the creation of Indian-designed, Indian-developed and Indian-owned cyber security and artificial intelligence technologies to help India in its endeavor to become technologically self-reliant under the Atmanirbhar Bharat Mission. The development also coincides with the rapidly growing insurance industry in India that needs strong digital security measures.
Center for developing indigenous AI and cyber security technologies
Bharat AI & Cyber Innovation Hub will work towards the development of indigenous technologies that can address emerging cyber security threats in the insurance industry. It will enable India to be less dependent on imported cyber security models and create cyber security solutions for its financial system.Insurers rely heavily on digital technology to deliver their services and process large amounts of customer data.
Research covering AI, cybersecurity and quantum technologies
Research will be conducted in a wide range of fields related to the latest advances in technologies, including artificial intelligence, cyber security, quantum technology and digital insurance solutions.In addition to research work, the center will also focus on translating the discoveries made into usable technology that can be applied by the insurance sector. The cooperation will facilitate interaction between representatives of the academic world and the sector.
The growth of the insurance sector increases the demand for digital security
SBI Life Insurance says that India’s premium market in the insurance industry will expand at an average growth of 6.9 percent every year until 2030. This means that as insurance penetration increases, there will be a lot of sensitive data to deal with, hence the need for cyber security measures becomes paramount. This is what the Bharat AI & Cyber Innovation Hub aimed to achieve.
Partnership to create a skilled workforce in AI and cyber security
This partnership is not only about technology but would also concentrate on executive training, talent development, strategic consulting, innovation incubation and research.Students and researchers would get an opportunity to deal with practical industry problems, which would ensure the creation of a competent workforce capable of meeting the technological needs of India’s developing insurance industry.
Model of the future industry-academia collaboration
The IIT Bombay has stated that the Bharat AI & Cyber Innovation Hub is ready to act as a model for any future collaboration that may take place between higher education institutions and regulated industries.In view of the integration of academic knowledge and industrial requirements, the aim is to accelerate innovation through the research and development of indigenous technologies.