A significant partnership has been established between Sun Life Global Solutions and the Indian Institute of Technology (IIT) Indore, with the aim of revolutionising critical aspects of the insurance industry through the integration of advanced technologies. This collaboration focuses on enhancing key processes including risk assessment, claims processing, and customer segmentation, ultimately aiming to improve client experiences while developing a skilled workforce capable of meeting the technological demands of the burgeoning global capability centre (GCC) sector.
The initiative is designed to provide IIT Indore students with practical hands-on experience in areas such as data analysis and real-world problem-solving, which are increasingly relevant in today’s insurance landscape. Sun Life will also offer internship opportunities, boosting the employability of students by exposing them to industry-relevant applications.
A core aim of this alliance is to create a sustainable talent pipeline that addresses the emerging challenges faced by the insurance industry. Through this partnership, Sun Life is set to share its expertise with the academic institution, enabling students and researchers to develop and test innovative algorithms and models in a practical setting. IIT Indore's director, Professor Suhas S. Joshi, emphasized the partnership's significance, noting, "The partnership is particularly important given the expanding influence of GCCs in India, which include a significant number of insurance and BFSI companies driving innovation, client excellence and technological progress." He added that collaboration with GCCs like Sun Life can enhance the culture of innovation and help build a robust talent pool to meet future industry needs.
Sun Life Global Solutions’ Managing Director, Tarun Sareen, also discussed the benefits of the collaboration, stating, "By joining forces with India’s leading minds in research and engineering, we are accelerating our ability to deliver cutting-edge solutions that address our clients’ evolving needs." He further remarked, "This partnership will fuel innovation across AI, cloud computing and emerging technologies, enabling us to set new industry standards and drive growth in key areas like claims prevention and biometrics."
In addition to this partnership, Sun Life is scheduled to participate at the upcoming Insurtech Insights Asia 2024 conference in Hong Kong. Sun Life President Kevin Strain will present a keynote address entitled "CEO Redefining Insurance in Asia: Leadership, Strategy, and Purpose for a New Era", which will be moderated by Insurtech Insights CEO Kristoffer Lundberg. The conference will take place on December 4th at The Kerry Hotel, bringing together industry leaders and innovators to discuss future trends in insurance and technology.
Source: Noah Wire Services