Gift City, India InsurTech link to boost FinTech in insurance sector

Indian international financial services centre Gift City and the India InsurTech Association (IIA) have partnered to strengthen FinTech use in the InsurTech market.

According to Business Standard, the two organisations will collaborate on building ‘thought leadership’ in the field of insurance and create awareness about Gift City among Indian and foreign insurance companies.

IIA is a not-for profit organisation that claims it is working towards growing a ‘technology-driven’ insurance ecosystem in India.

To raise awareness about Gift’s international financial services centre (IFSC), the partners will organise events, information series, seminars and conferences.

The pact will also see IIA work in tandem with Gift in a range of areas including attracting Indian InsurTechs and global insurance businesses to Gift City. Alognside this, IIA will promote new digital business models and build collaborations between startups and other InsurTech firms.

Gift City managing director and CEO Tapan Ray 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 and services and encourage innovation in the segment.”

IIA director and co-founder Prerak Sethi added, “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.”

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