GIFT City, IIA sign MoU

India Insurtech Association (IIA), a non-profit body promoting tech-driven insurance ecosystems in India has entered into a memorandum of understanding (MoU) with International Financial Services Centre at GIFT City, (GIFT-IFSC) to collaborate on building thought leadership in the field of insurance and promoting GIFT City for Indian and foreign insurance companies.

The collaboration will organise events, information series, seminars, and conferences. The two institutions will also research regulatory sandbox projects for GIFT IFSC, which will benefit insurtech start-ups, re-insurance businesses, politicians, service providers, and individuals.

Tapan Ray, MD and Group CEO, GIFT City, said, “We have presence of some of the major insurance players in GIFT City and now, with this collaboration, we can aspire to be a vibrant hub for world-class insurance products and services and encourage innovation in the segment.”

Through the integrated platform of GIFT City, the endeavour is to highlight India’s international financial services potential by offering international firms a world-class infrastructure and facilities to conduct their business in India.

Elaborating on the collaboration, Prerak Sethi, director and co-founder of IIA, said, “Through this collaboration, our goal is to assist worldwide financial organisations in developing top-notch financial services. IIA will provide support towards bringing various Indian and global insurance, re-insurance and insurtech participants to benefit from the regulatory sandbox initiatives at GIFT City.”

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, stated a report in the Business Line.