<p>The Indian Institute of Technology Bombay (IIT Bombay), an 'Institution of Eminence' (IoE) and the No.1 University in India as per Quacquarelli Symonds (QS) World University Rankings (2022), has partnered with HDFC ERGO General Insurance, India’s leading private sector general insurance company. This alliance is a first in the insurance sector and is aimed at operationalising high-impact projects across the insurance value chain and developing solutions to relevant business challenges.</p><p>In the last few years, the insurance sector has witnessed far reaching changes in terms of technological advancement. 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. IIT Bombay and HDFC ERGO’s strategic partnership is expected to focus on the research and development in the emerging areas and add value to the overall sector.</p><p>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.</p><p>HDFC ERGO will provide strategic investments to IIT Bombay over 5 years to institutionalize 50 high-impact projects across business verticals such as acquisition, servicing, claims, renewal, underwriting actuarial practices and operations. 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. 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 HDFC ERGO’s industry expertise.</p><p>Speaking about the partnership, Mr. Ritesh Kumar, MD & CEO, HDFC ERGO General Insurance said, “Dynamism is one of our core values at HDFC ERGO. Living up to our values, we have been consistent in providing progressive technology solutions. 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. We are delighted to partner with such a prestigious institution and look forward to many successful projects with the Indian Institute of Technology”.</p><p>Speaking of this collaboration, Director, IIT Bombay, Prof. Subhasis Chaudhuri said, “IIT Bombay has been at the forefront of digital transformations undertaken by many large companies and brands. With our ongoing focus on using technologies such as AI ML to solve real-world problems, this partnership is a natural fit. It gives us immense joy to work with HDFC ERGO”.</p>