Gift City, India Insurtech ink pact to promote fintech in insurance sector

Gift City, the country's first international financial services centre, said it has collaborated with the India InsurTech Association to promote financial technology in the insurance sector

GIFT City, the country's first international financial services centre (IFSC), on Monday said it has collaborated with the India InsurTech Association (IIA) to promote financial technology in the insurance sector.

IIA is a not-for-profit organisation working towards growing a technology-driven insurance ecosystem in India.

The two entities will collaborate on building thought leadership in the field of insurance and creating awareness about GIFT City among Indian and foreign insurance companies, the country's first operational smart city said in a statement.

To raise awareness about GIFT-IFSC, the collaboration will organise events, information series, seminars, and conferences.

Also, the two institutions will research regulatory sandbox projects for the GIFT-IFSC, which will benefit insurance technology start-ups, reinsurance businesses, politicians, service providers, and individuals.

"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 and services and encourage innovation in the segment," GIFT City Managing Director and Group CEO Tapan Ray said.

As part of the pact, the IIA will 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.

"Through this collaboration, our goal is to assist worldwide financial organisations 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," IIA Director and co-founder Prerak Sethi said.