SBI Life Insurance and the Indian Institute of Technology Bombay (IIT Bombay) have signed a Memorandum of Understanding (MoU) to establish the 'Bharat's AI & Cyber Innovation Hub for Insurance' (the "Bharat Innovation Hub"). This joint research centre will focus on building India's own deep-technology cyber defence systems for the insurance sector.
MoU Signing and Key Participants
The MoU was signed by Prof. S.V. Kulkarni, Dean-R&D, IIT Bombay, and Mr. Vishal Bhatia, Chief Information & Digital Officer, SBI Life Insurance. The ceremony was attended by Prof. Shireesh B Kedare, Director, IIT Bombay; Mr. Abhijit Gulanikar, President - Ops & IT, SBI Life; Mr. Subhendu Bal, President - Chief Risk Officer, SBI Life; Mr. Balaji Venketaswar, Professor of Practice, IIT Bombay; Prof. Ganesh Ramakrishnan, Chair Professor, Department of CSE, IIT Bombay & Founding Director, BharatGen; and Mr. Pravin Ghate, EVP & Head - Infra Core, Cloud & CITSO, among other dignitaries.
Addressing India's Growing Insurance Market
India's insurance premium growth is forecasted at 6.9% annually until 2030, making it the strongest growing major insurance market according to SwissRe analysis. As insurance penetration improves, customer data is set to increase significantly, necessitating robust data protection. The Bharat Innovation Hub marks a decisive shift away from imported security frameworks toward cyber defence capabilities that are designed, built, and owned in India.
Aligned with Atmanirbhar Bharat
The collaboration aligns with the government's 'Atmanirbhar Bharat' vision. The hub combines SBI Life's deep understanding of insurance and customers with IIT Bombay's academic and scientific talent. It will develop solutions across Artificial Intelligence, Cyber Security, Quantum Technologies, and the future of insurance. The partnership spans cyber defence innovation, AI-driven tools, talent development, executive education, strategic consulting, and innovation incubation.
Building an AI-Native Insurer
This partnership is a significant step in SBI Life's journey toward becoming an AI-native insurer—an organization that not only adopts technology but actively creates it. The goal is to build scalable, resilient, deep-tech solutions capable of meeting the expectations of both customers and regulators in an increasingly digital world.
Quotes from Leadership
Mr. Abhijit Gulanikar, President - Operations & IT, SBI Life Insurance, said: "The next era of value creation in financial services will be led by organisations that don't just consume technology, but actively build it. 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."
Prof. Ganesh Ramakrishnan, Chair Professor, Dept. of CSE, IIT-Bombay & Founding Director, BharatGen, said: "At IIT Bombay, our endeavour has always been to apply world-class research to challenges that matter to society. Protecting the financial security of millions of citizens is exactly such a challenge. This partnership allows academia to work shoulder-to-shoulder with industry on real-world problems in artificial intelligence, cyber security, and quantum technologies with sovereignty at the core. Thus, translating fundamental research into solutions that serve the nation. More importantly, by nurturing the next generation of Indian talent, we are strengthening the country's ability to build its own sovereign technological capabilities. We are proud to partner with SBI Life in building, from India and for India."
Broader Impact and Talent Development
The Bharat Innovation Hub is expected to create lasting value beyond SBI Life. By developing a structured model of collaboration between a leading academic institution and a regulated financial organization, the partnership aims to build a homegrown talent pipeline in AI and cyber security, advance India's institutional readiness against evolving digital threats, and offer a template that the broader financial services sector can learn from.
About IIT Bombay
IIT Bombay, established in 1958, is recognized worldwide as a leader in science and engineering education and research. It was granted the status of 'Institution of Eminence' in 2018. The Institute has 40 Academic Divisions, 31 Research Centres, and 9 Section 8 Companies. Over six decades, more than 75,000 engineers and scientists have graduated. It is served by 770 faculty, including 121 women. On June 18, 2026, IIT Bombay was ranked 2nd in India and 134th in the world in the QS World University Rankings for 2027.
About SBI Life Insurance
SBI Life Insurance, incorporated in October 2000, is one of the most trusted life insurance companies in India. It serves millions of families with a diverse range of products including Protection, Pension, Savings, and Health solutions. The company has an extensive presence with 1,230 offices, 29,344 employees, about 2,82,001 agents, 84 corporate agents, 9 bancassurance partners with more than 40,000 partner branches, 160 brokers, and other insurance marketing firms. SBI Life is listed on BSE and NSE with an authorized capital of ₹20.0 billion and a paid-up capital of ₹10.0 billion. The Assets under Management (AuM) are ₹4,871.6 billion as of March 31, 2026.
