NIA Organises 22nd Insurance Summit on AI-Enabled Quantum Readiness for Indian Insurance Ecosystem

 by Pranita Kurani 

Mumbai, 28 September 2026: The National Insurance Academy (NIA), Pune, organised the 22nd Insurance Summit on the theme “AI-Enabled Quantum Readiness for Indian Insurance Ecosystem” on Monday at Hotel President, Cuffe Parade, Mumbai. The summit brought together senior representatives from the insurance sector, government, financial services, technology, academia and the quantum technology ecosystem to discuss the implications of Artificial Intelligence (AI) and Quantum Computing for the Indian insurance industry.

The summit was organised at a time when rapid developments in AI and quantum computing are creating new opportunities as well as emerging risks for the financial and insurance sectors. Discussions focused on the implications of these technologies for cybersecurity, cryptographic resilience, data protection and long-term policyholder trust, along with the need for insurance organisations to assess their preparedness for the emerging technological landscape.

Mr. B. C. Patnaik, Director, National Insurance Academy, said “The summit was aimed at bringing emerging research and global developments into practical discussions for the Indian insurance sector. The deliberations focused on helping organisations understand emerging risks and develop a roadmap for quantum readiness, cybersecurity resilience and technological preparedness.”

Dr. Debasish Prusty, Additional Secretary, Department of Financial Services, Ministry of Finance, Government of India, said “The time for any incremental measure has gone. We must adopt a proactive, holistic and collaborative approach to enhance cyber resilience that includes quantum.”

Emphasising the importance of maintaining human oversight alongside technological advancement, Mr. Kalyanaraman Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA), said “Technology performs transactions, algorithms assess risk, and platforms deliver services—but trust, accountability, and judgment must remain firmly human.”

A key area of discussion at the summit was the concept of “Q-Day”, referring to the point at which sufficiently powerful quantum computers could potentially compromise some of the cryptographic systems currently used to protect digital information. Given the volume of sensitive customer, financial and policy-related information handled by insurance organisations, the potential impact of quantum computing on data security and existing encryption systems was examined during the summit.

The inaugural session featured senior representatives from the insurance, government and financial services sectors, including Mr. Kalyanaraman Rajaraman, Chairperson, IFSCA; Dr. Debasish Prusty, Additional Secretary, Department of Financial Services, Ministry of Finance; Mr. R. Chander, Managing Director, LIC of India; Mr. Sanjay Joshi, Chairman-cum-Managing Director, The Oriental Insurance Company Ltd.; Dr. Lavanya R. Mundayur, Chairman-cum-Managing Director, AIC of India Ltd.; and Mr. B. C. Patnaik, Director, National Insurance Academy, Pune.

The summit also saw the release of a white paper titled “New Frontiers: AI + Quantum Technology – Future-Proofing Insurance for Bharat.” The white paper examines the emerging intersection of AI and quantum technology with the insurance sector and the areas that may require attention as organisations prepare for technological and cybersecurity changes.

The day-long programme comprised three high-level panel discussions and a masterclass. The sessions covered insurance sector preparedness for the quantum era, applications of AI and quantum computing across the insurance value chain, and the role of Post-Quantum Cryptography (PQC) in strengthening cybersecurity resilience.

Discussions on quantum readiness examined the potential risks associated with future quantum computing capabilities and the importance of incorporating technology preparedness into longer-term organisational planning. Another session explored possible applications of AI and quantum computing across different areas of the insurance value chain, along with the opportunities and challenges associated with emerging technologies.

Cybersecurity was a central component of the deliberations, particularly in the context of Post-Quantum Cryptography. PQC refers to cryptographic methods designed to protect information against potential attacks using quantum computers. The session examined the relevance of quantum-resistant security approaches for organisations dealing with sensitive financial and personal data.

An exclusive masterclass on “Quantum Advantage in Insurance Business” was conducted by Mr. Ramesh Nagarajan, Head of Quantum Education, Eigensystems, Australia. The session focused on understanding quantum computing and its potential relevance to business applications in the insurance sector.

Prominent speakers and moderators at the summit included Prof. Ajay Singh, Member, National Quantum Mission Task Force; Dr. Sandeep Shukla, Director, IIIT Hyderabad; Dr. Sriram Birudavolu, CEO, Cybersecurity Center of Excellence; Mr. Parag Raja, MD & CEO, Bharti AXA Life Insurance; Mr. Mohammed Anzy, MD, Guidewire India; Dr. Manisha J. Nene, DIAT-DRDO; Mr. Joseph Joshy C. J., CTO & CGM, IFSCA; and Col. Gaurav Kumar Upadhyay (Retd.), cybersecurity and AI entrepreneur.

More than 300 participants attended the summit, including CEOs, Managing Directors, Chief Risk Officers, Chief Technology Officers, Chief Information Security Officers, actuaries, regulators, insurers, reinsurers, intermediaries, InsurTech and FinTech professionals, academics, NIA faculty and students, and experts from the quantum technology ecosystem.

The discussions are expected to contribute to a post-summit industry briefing note outlining key observations, recommendations and future priorities emerging from the deliberations.