Indian Institute of Technology (IIT), Bombay has teamed up with SBI Life Insurance for the launch of 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 endeavor towards becoming self-reliant in the technological aspect under the Atmanirbhar Bharat Mission. The development also coincides with the fast-growing insurance industry in India which needs robust digital security measures.
Hub for developing indigenous AI and cybersecurity technologies
Bharat AI & Cyber Innovation Hub will work towards the development of indigenous technologies that will be able to cater to the emerging cybersecurity 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 provide their services and process massive amounts of data of their customers.
Research to cover AI, Cybersecurity and Quantum technologies
Research will be conducted in a wide array of fields related to the latest advances in technologies, such as artificial intelligence, cyber security, quantum technology, and digital insurance solutions.In addition to research work, the centre will also focus on translating the discoveries made into usable technology that can be applied by the insurance sector. The cooperation will facilitate the interaction between academia and industry representatives.
Insurance sector’s growth raises demand for digital security
SBI Life Insurance says that India’s premium market in the insurance industry is set to expand by an average growth of 6.9 per cent each year up to 2030. This means that as insurance penetration increases, there will be a lot of sensitive data to deal with, thus, the need for cybersecurity measures becomes paramount. This is what the Bharat AI & Cyber Innovation Hub was meant to achieve.
Partnership to build skilled AI and Cybersecurity workforce
This partnership is not only about technology but would also be concentrated on executive education, development of talent, strategic consulting, innovation incubation, and research.Students and researchers would get chances to deal with practical industry problems, which would ensure the creation of a competent labor force capable of coping with the technological needs of India’s developing insurance industry.
Model for future industry-academia collaboration
The IIT Bombay has stated that the Bharat AI & Cyber Innovation Hub is set to act as a blueprint for any future collaborations that might take place between higher education institutions and regulated industries.In light of the integration of academic knowledge and industrial requirements, the objective is to speed up innovation through research and develop indigenous technologies.
