GIFT City and India Insurtech Association Sign MoU to promote Fintech in insurance sector

The two organizations will work together to develop Insurtech thought leadership and to support awareness about the GIFT City project among Indian and foreign insurance companies

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.

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.