National| 30 November 2024: Sun Life Global Solutions (SLGS), the Global Capability Centre and microcosm of the global insurance and asset management leader Sun Life, has embarked on an innovative and historic partnership with IIT Indore. This partnership inked in a bid to drive innovation will encompass the application of new age technologies like AI/ML, data analytics and generative AI, especially in the field of insurance, including the improvement of risk appraisal, claim settlement and customer satisfaction.
Through this partnership, Sun Life aims to boost productivity and enhance service delivery by helping nurture a skilled workforce capable of addressing new technological challenges in the GCC sector – with a razor-sharp focus on Insurance industry at large.
Sun Life Global Solutions’ Managing Director, Tarun Sareen, said, “Our collaboration with IIT Indore marks an exciting new chapter in our pursuit of driving meaningful innovations and solutions through technological excellence. By joining forces with India’s leading minds in research and engineering, we’re accelerating our ability to deliver cutting-edge solutions that address our Clients’ evolving needs. 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. Together with IIT Indore, we’re not just adapting to the future – we’re actively shaping it, fostering a culture of engineering brilliance that will propel our Purpose.”
This collaboration is expected to drive significant innovations in areas like risk assessment, claims handling, and customer segmentation, all of which are on the brink of major transformation. By harnessing these advancements, Sun Life aims to make a meaningful impact to its Client journeys. The students on the other hand will also draw significant impact from the partnership:
– Practical Data Analysis Skills: IIT students will gain valuable experience in managing and analyzing large-scale data sets, a crucial skill in today’s data-driven business environment.
– Real-World Problem Solving: Students will be exposed to authentic business challenges, helping them bridge the gap between academic theory & practical application.
– Industry-Relevant Experience: This engagement will provide students with hands-on experience that is directly applicable to future careers in data science, business analytics, and related fields.
– Enhanced Employability: By working on real business projects, students will develop a portfolio of practical work, making them more attractive to potential employers upon graduation.
– Internship Opportunity: SLGS also aims to provide internship opportunities to the students.
– Discover a Purpose & culture-driven career for life: Sun Life holds the promise of advancing a culture-rich and Purpose-driven experience for the students associated with the project, which can be leveraged by them to nurture a meaningful professional journey for long-term growth.
One of the core objectives of the partnership will therefore be the development of a workforce that is equipped to meet new challenges within the industry. Business students and researchers from IIT Indore will be able to solve real-life issues, thus having the opportunity to gain experience in addressing real-life organizational challenges.
Sharing his thoughts on the partnership, Director of IIT Indore, Professor Suhas S. Joshi, said, “This collaboration presents an excellent opportunity for both organizations to provide our students and faculty with a platform to push their creative boundaries and apply them in the insurance sector. The partnership is particularly important given the expanding influence of Global Capability Centers in India, which include a significant number of insurance and BFSI companies driving innovation, client excellence and technological progress. Working closely with GCCs like Sun Life Global Solutions, can help strengthen the culture of innovation and build a strong talent pool to meet the industry’s future needs. This mutually advantageous partnership will not only help provide industry-led experience but will also play a role in the broader transformation of the industry.”
Sun Life will contribute its industry knowledge, allowing researchers at IIT Indore to develop and test new algorithms and models in a real-world context. The collaboration will also include joint research initiatives, technology transfer, and support for the growing Indian startup ecosystem. This blend of rigorous research and practical application will drive significant progress in the field, encouraging the adoption of innovative technologies to tackle industry challenges. Additionally, it will provide IIT Indore with a platform to showcase its capabilities and expertise.