IIT Bombay, SBI Life Join Hands to Develop Indigenous AI-Powered Cyber Defence for India’s Insurance Sector
Mumbai, June 29, 2026: In a significant step towards strengthening India’s digital security infrastructure, the Indian Institute of Technology (IIT) Bombay and SBI Life Insurance have signed a Memorandum of Understanding (MoU) to establish the “Bharat AI & Cyber Innovation Hub for Insurance”, a dedicated research and innovation centre focused on developing indigenous AI-driven cyber defence technologies for the country’s insurance industry.
The initiative aims to create advanced cybersecurity solutions that are designed, developed and owned in India, reducing dependence on imported security frameworks while supporting the Government of India’s vision of Atmanirbhar Bharat.
The MoU was signed by Prof. S.V. Kulkarni, Dean (Research & Development), IIT Bombay, and Vishal Bhatia, Chief Information & Digital Officer, SBI Life Insurance, in the presence of Prof. Shireesh B. Kedare, Director, IIT Bombay; Abhijit Gulanikar, President – Operations & IT, SBI Life; Subhendu Bal, President & Chief Risk Officer, SBI Life; Prof. Balaji Venketaswar, Professor of Practice, IIT Bombay; Prof. Ganesh Ramakrishnan, Chair Professor, Department of Computer Science & Engineering and Founding Director of BharatGen; along with several senior officials from both institutions.
Strengthening India’s Cyber Resilience
India’s insurance industry is projected to grow at an annual rate of 6.9% through 2030, making it one of the fastest-growing insurance markets globally. As insurance adoption expands, the volume of sensitive customer and financial data will continue to increase, making robust cybersecurity a strategic necessity.
The newly established Bharat Innovation Hub will focus on developing cutting-edge technologies in:
- Artificial Intelligence (AI)
- Cyber Security
- Quantum Technologies
- Digital Risk Management
- Insurance Technology (InsurTech)
- Executive Education and Skill Development
- Innovation Incubation and Strategic Research
The collaboration seeks to develop scalable and resilient technologies capable of addressing the evolving cyber threats facing the insurance ecosystem while meeting regulatory expectations.
Building an AI-Native Insurance Ecosystem
SBI Life stated that the partnership represents a key milestone in its transformation into an AI-native insurance company, where technology is not merely adopted but actively researched, developed and commercialised.
Speaking on the occasion, Abhijit Gulanikar, President – Operations & IT, SBI Life Insurance, said the future of financial services will belong to organisations that build technology rather than simply consume it.
He noted that the collaboration combines IIT Bombay’s scientific expertise with SBI Life’s deep understanding of insurance operations to create indigenous technologies that strengthen customer trust while enhancing the resilience of India’s insurance sector.
Academia Meets Industry
Highlighting the significance of the collaboration, Prof. Ganesh Ramakrishnan, Chair Professor, Department of Computer Science & Engineering at IIT Bombay and Founding Director of BharatGen, said the partnership would enable world-class academic research to address real-world challenges in artificial intelligence, cybersecurity and quantum technologies.
He added that the initiative would help translate cutting-edge research into practical solutions while nurturing the next generation of Indian talent capable of developing sovereign technologies for the country.
Beyond a Single Institution
The Bharat Innovation Hub is expected to create value well beyond the two partnering organisations. By establishing a structured collaboration model between academia and a regulated financial institution, the initiative aims to:
- Develop a skilled talent pipeline in AI and cybersecurity.
- Strengthen India’s institutional preparedness against emerging digital threats.
- Promote indigenous deep-tech research and innovation.
- Serve as a collaborative model for the broader financial services sector.
As India’s financial services industry undergoes rapid digital transformation, the partnership underscores the growing importance of homegrown cybersecurity capabilities built on long-term research, innovation and technological self-reliance.
According to Swiss Re, India is expected to remain the world’s fastest-growing major insurance market through 2030, reinforcing the need for advanced, indigenous cybersecurity solutions to protect the country’s expanding digital financial ecosystem.
