India Insurtech Association (IIA), a not-for-profit organization working towards growing a technology-driven insurance ecosystem in India, has signed a Memorandum of Understanding (MoU) with GIFT City, India’s first operational Greenfield smart city and international financial services centre (IFSC), to collaborate on building thought leadership in the field of insurance and creating awareness about GIFT City among Indian and foreign insurance companies.

India has emerged as a significant global information technology power in the digital era and the country has already achieved tremendous success in various verticals of the sector. Through the integrated platform of GIFT City, the endeavour is to highlight India’s massive international financial services potential by offering international firms a world-class infrastructure and facilities to conduct their business in India.

Speaking about the collaboration with IIA, Mr. Tapan Ray, MD and Group CEO, GIFT City, said, “Insurance serves as one of the key pillars of international financial services ecosystem. We have presence of some of the major insurance players in GIFT City and now, with this collaboration with IIA, we can aspire to be a vibrant hub for world-class insurance products & services and encourage innovation in the segment. I am confident this effort will be a crucial milestone in days to come.”

Elaborating on the collaboration, Mr Prerak Sethi, Director and Co-founder of IIA, said, “IIA has worked diligently to assist Indian insurance sectors’ technology revolution. Through this collaboration, our goal is to assist worldwide financial organizations in developing top-notch financial services. IIA will provide complete support towards bringing various Indian and global insurance, re-insurance and Insurtech participants to benefit from the regulatory sandbox initiatives at GIFT City.”

To raise awareness about GIFT IFSC, the collaboration will organise events, information series, seminars, and conferences. The two institutions will also research regulatory sandbox projects for the GIFT IFSC, which will benefit insurtech startups, reinsurance businesses, politicians, service providers, and individuals.

As the leading not-for-profit entity in the Insurtech sector in India, IIA constantly strives to back Insurtech startups and work with regulators, established insurance companies and other stakeholders to bring about a transformation in the Indian insurance industry. Under the terms of the MoU, the IIA has promised to work closely with the GIFT SEZ in various areas, including bringing global insurance businesses, Indian Insurtech companies, and insurance players to the GIFT City. The association will promote new digital business models, build collaboration between start-ups and all the other participants of the insurance industry.