SBI Life Launches Hack-AI-thon to Boost AI Innovation in Insurance
Date: Tuesday, May 06, 2025
Location: Mumbai, India
SBI Life Insurance, a leading private life insurer in India, has launched the first edition of its nationwide innovation challenge, the Hack-AI-thon. This initiative invites tech students from across the country to develop AI-driven solutions addressing key challenges within the insurance sector.
The focus areas include enhancing customer experience, improving product accessibility, and strengthening fraud prevention. By tapping into young talent, SBI Life aims to gather practical, technology-based ideas that can transform the way life insurance operates.
Strong Participation and Selection Process
The regional rounds attracted over 7,500 registrations from tech students nationwide. After a rigorous screening, more than 50 teams were shortlisted to present their ideas in regional contests held in Pune, Delhi, and Chennai.
From these regional finalists, the top 15 teams will advance to the grand finale in Mumbai. Solutions will be evaluated based on their originality, feasibility, and real-world application.
Leadership Perspective
Mr. Ravindra Sharma, Chief of Brand, Corporate Communication and CSR at SBI Life Insurance, emphasized the value of collaborative innovation. He noted that inviting diverse minds to solve real insurance challenges—such as cybersecurity, personalization, and fraud detection—encourages solutions that meet the industry's evolving needs.
He further highlighted that the Hack-AI-thon aligns with SBI Life’s mission to make insurance simpler, more accessible, and relevant in a digital-first environment. The initiative empowers young innovators to contribute meaningfully to the sector's future.
Driving Digital Transformation
This initiative supports SBI Life’s broader digital transformation goals by encouraging fresh perspectives and practical solutions. The company aims to create a smarter, more inclusive insurance experience that prioritizes customers.
About SBI Life Insurance
SBI Life Insurance, incorporated in October 2000 and registered with IRDAI in March 2001, is one of India’s most trusted life insurers. It serves millions of families with a comprehensive range of products including protection, pension, savings, and health solutions.
The company operates with a strong customer-first approach, focusing on efficient operations and hassle-free claim settlements. Its extensive network includes 1,110 offices and over 240,000 agents across India.
SBI Life is committed to enhancing digital experiences for customers, distributors, and employees. The company also maintains a culture of social responsibility, supporting child education, healthcare, disaster relief, and environmental initiatives. In 2024-25, more than 50,000 direct beneficiaries were impacted by these CSR activities.
Listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), SBI Life has an authorized capital of Rs. 20 billion and a paid-up capital of Rs. 10 billion, with assets under management (AuM) of Rs. 4,480.4 billion as of March 31, 2025.
For more details, visit the SBI Life Insurance website.
Your membership also unlocks:
