SBI Life partners IIT Bombay on AI security

By Milan Rojan

SBI Life Insurance has partnered with the Indian Institute of Technology Bombay (IIT Bombay) to establish the Bharat AI & Cyber Innovation Hub for Insurance, a joint research and innovation centre focused on developing indigenous artificial intelligence and cybersecurity capabilities for the insurance sector.

Abhijit Gulanikar, President – Operations & IT at SBI Life Insurance, said: “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.”

The collaboration has been formalised through a Memorandum of Understanding (MoU) and has been designed to support the development of AI-driven cyber defence technologies tailored to the needs of India’s insurance industry. The initiative has aligned with the broader objective of strengthening domestic technological capabilities while reducing reliance on imported security frameworks.

Professor Ganesh Ramakrishnan, Chair Professor in the Department of Computer Science and Engineering at IIT Bombay and Founding Director of BharatGen, said: “By nurturing the next generation of Indian talent, we are strengthening the country’s ability to build its own sovereign technological capabilities.”

The Bharat Innovation Hub has brought together SBI Life’s insurance expertise and IIT Bombay’s research capabilities to advance innovation across artificial intelligence, cybersecurity, quantum technologies and digital insurance solutions. The partnership has also been expected to support talent development, executive education and innovation incubation.

The initiative has reflected growing emphasis on securing digital financial services as insurance providers process increasing volumes of customer data. As digital adoption has accelerated, insurers have placed greater focus on strengthening cyber resilience while meeting evolving regulatory expectations.

The partnership has highlighted increasing collaboration between financial institutions and academia to address emerging cybersecurity challenges and strengthen India’s technology-driven insurance ecosystem.