Indian Institute of Technology (IIT) Bombay has partnered HDFC ERGO General to operationalise high-impact projects across the
insurance value chain and developing solutions to relevant business challenges.
The institute said in a statement that this strategic partnership is
expected to focus on the research and development in the emerging areas and add value to the overall sector.
“The fast-paced evolution of the sector is attributed to the constant innovations which ensure faster turnaround time and efficient service that has enhanced the overall customer experience. These technology innovations require constant research and development activities to make sure that the business operations are always carried smoothly and proficiently,” said the institute.
IIT Bombay will provide strategic business solutions to HDFC ERGO by leveraging the start-ups at the pre incubation and incubation stage at the Desai Sethi School of Entrepreneurship (DSSE) and the Society for Innovation and Entrepreneurship (SINE) respectively.
On the other hand, HDFC ERGO will provide strategic investments to IIT Bombay over five years to institutionalize 50 high-impact projects across business verticals such as acquisition, servicing, claims, renewal, underwriting actuarial practices and operations.
The institute said that this engagement is expected to provide a
gateway to professors and students of IIT Bombay to pitch ideas and solutions directly to HDFC ERGO and leverage their industry expertise.
Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance said, “We have been focusing on evolving into an AI-first insurance company that will prove beneficial for our customers, and have been adopting and implementing Artificial Intelligence (AI) and Machine Learning (ML) in almost all of our operations. Associating with IIT Bombay will aid in accelerating this transformation and will further help us differentiate our offerings in the industry.”
The partnership will also see the setup of an innovation lab at IIT Bombay’s campus in Powai, Mumbai. The lab will facilitate interactions, brainstorming sessions and requisite workstations for the
students, professors and the HDFC ERGO team.
IIT Bombay Director Subhasis Chaudhuri said that with the institute’s ongoing focus on using technologies such as AI/ML to solve real-world problems, this partnership is a natural fit.