The India InsurTech Association (IIA)
has partnered with GIFT City, the
first international financial services center (IFSC)
, to promote financial technology in the insurance business. The IIA is a non-profit organization dedicated to developing India's technology-driven insurance industry.
In a statement, the country's first operational smart city said the two organizations will engage in fostering thought leadership in the sector of insurance and raising awareness about
and overseas insurance companies. The collaboration will include events, information series, seminars, and conferences to raise awareness about GIFT-IFSC.
In addition, the two organizations will work together to develop regulatory sandbox projects for the GIFT-IFSC, which will benefit insurance technology
start-ups, reinsurance companies, politicians, service providers, and individuals.
'One of the most important cornerstones of the worldwide financial
ecosystem is insurance.' 'With this relationship with IIA, we can aspire to be a thriving center for world-class insurance goods and services and stimulate innovation in the market,' said GIFT City Managing Director and Group CEO Tapan Ray.
As part of the deal, the IIA would work directly with the GIFT-SEZ
on several fronts, such as bringing international insurance businesses, Indian insurance firms, and insurance professionals to the
. 'Through this collaboration, our goal is to assist worldwide financial businesses in providing top-notch financial services,' says the Association, which will promote
business models and foster collaboration
between start-ups and all other insurance industry participants.