In a major step towards strengthening cybersecurity in the insurance sector, SBI Life has partnered with IIT Bombay to develop India’s first indigenous AI-powered cyber defence ecosystem for the industry. The collaboration aims to build advanced technologies that are designed, developed, and owned in India.
The two organisations have signed a Memorandum of Understanding (MoU) to establish the Bharat AI & Cyber Innovation Hub for Insurance, also known as the Bharat Innovation Hub. The joint research and innovation centre will focus on developing deep-tech solutions to strengthen cybersecurity and digital resilience across the insurance sector.
The initiative seeks to create a structured collaboration between a leading academic institution and a regulated financial organisation. It aims to build a skilled talent pipeline in AI and cybersecurity, improve India’s readiness against evolving cyber threats, and create a model that can be adopted across the broader financial services industry.
With India’s insurance market expected to grow at 6.9% annually until 2030, customer data volumes are also expected to rise significantly. The Bharat Innovation Hub aims to reduce dependence on imported security frameworks by developing indigenous cyber defence capabilities for the sector.
Supporting the government’s vision of Viksit Bharat 2047, the centre will work on solutions across AI, cybersecurity, quantum technologies, and the future of insurance. Its research will cover AI-driven security tools, cyber defence innovation, talent development, executive education, strategic consulting, and innovation incubation.
Speaking about the partnership, SBI Life President of Operations and IT Abhijit Gulanikar said, “By bringing together some of India’s brightest scientific minds with our deep understanding of insurance, we are choosing to innovate, build, and scale from India, for India. Through the partnership with IIT-Bombay we are building an indigenous, AI-native foundation that protects every customer who trusts us with their financial future, while strengthening the resilience of the wider insurance industry.”
Also read: Viksit Workforce for a Viksit Bharat
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