IIT Indore has recently formalised a Memorandum of Understanding (MoU) with Sun Life Global Solutions (SLGS) to foster innovation through the implementation of advanced technologies such as artificial intelligence (AI), machine learning (ML), data analytics, and generative AI within the insurance sector. This collaboration aims to enhance various business processes, focusing on risk appraisal, claims settlement, and overall customer satisfaction.
Professor Suhas Joshi, Director of IIT Indore, highlighted the primary objectives of the partnership during a statement, mentioning that “The collaboration will focus on applying AI/ML, data analytics, and generative AI to improve risk assessment, claim processing and customer satisfaction.” He further noted that a critical goal is to cultivate a skilled workforce that can tackle emerging technological challenges within the Global Capability Centre (GCC) landscape. This initiative is aimed at bridging the gap between academic proficiency and industry demands, combining IIT Indore's educational strengths with Sun Life’s extensive operational expertise.
Through this strategic alliance, Sun Life intends to refine its productivity and service delivery by developing a talented workforce adept in navigating technological advancements in the insurance domain. The partnership is set to pave the way for significant innovations, particularly in the realms of risk assessment, claims handling, and customer segmentation. These areas are anticipated to undergo substantial transformations, enabling Sun Life to enhance its operations and elevate client service quality.
Tarun Sareen, Managing Director of Sun Life Global Solutions, expressed enthusiasm about the collaboration, stating, “We are thrilled to partner with IIT Indore, India’s premier institution known for its cutting-edge research and technological expertise.” He elaborated on SLGS’s ambition to augment innovation through the strategic adoption of technologies that align with their business strategies. Sareen emphasised that working with IIT Indore fortifies their commitment to establishing new benchmarks in engineering practices and operational efficiency. He articulated that by embracing and expanding capabilities in AI, Cloud computing, and other burgeoning technologies, they aim to respond to critical shifts in client behaviours.
Moreover, the partnership plans to incorporate practical initiatives such as hackathons and ideation challenges in collaboration with IIT Indore, aiming to foster a culture of engineering excellence that will enable quicker market responsiveness. This comprehensive engagement between academia and industry is projected to set the foundation for significant developments in the insurance industry, ultimately enhancing the overall customer experience and operational effectiveness.
Source: Noah Wire Services