India InsurTech Association (IIA), a pioneering non-profit industry organization, and Xceedance, a global provider of insurance consulting, managed services, and technology, today formalized a principal sponsorship agreement to catalyse the insurtech sector in India.
IIA has joined forces with Xceedance – as the principal sponsor – to forge global partnerships, develop talent, provide insurtech start-up resources, and build its core team. Co-founded by Shwetank Verma, Subhajit Mandal, and Prerak Sethi, IIA bring togethers various India-based insurtech start-ups, re/insurance companies, service providers, and insurance professionals to increase the velocity of digital transformation across the Indian insurance industry.
A key agenda for IIA this year is to build its membership community, which includes insurtech firms, re/insurers, and service providers.
The association already includes 32 insurtech members, and facilitates networking and focused thought leadership sessions for its diverse constituents.
Recently, IIA released its Annual Report 2021 on 'India Insurtech Landscape and Trends’ in association with The Boston Consulting Group (BCG). The report highlights how Indian start-ups are creating significant business value for re/insurance organizations and policyholders.
Prerak Sethi, director and Co-founder of IIA,said “IIA has been established as a core industry enabler to drive strategic initiatives aimed at benefiting the insurtech community in India and across the globe. The Xceedance sponsorship comes at a very opportune moment for IIA, as it will help us achieve our core objectives and address the immanent needs of insurtech start-ups, insurance companies, and other stakeholders. Further, IIA has already established alliances with international associations such as InsurTech NY, Global InsurTech Alliance (GITA), Singapore FinTech Association, Tokyo Fintech, InsurTech Israel, etc. to help promote collaboration in the global InsurTech ecosystem.”
Arun Balakrishnan, CEO at Xceedance, added, “We are excited to join India InsurTech Association and reinforce various networking engagements the IIA team has meticulously planned for 2021. We firmly support the association’s efforts to promote innovative solutions built by Indian insurtech firms, liaise with the Indian regulator to enact enabling regulation, and boost collaboration between start-ups and insurance corporations. Our sponsorship is part of an ongoing Xceedance commitment to power insurance transformation around the world.”
Insurtech activity in India has increased rapidly since 2017. The pandemic has further prompted a significant escalation and prioritization of technology initiatives, leading to urgency and acceleration in the deployment of digital solutions by insurers in India and across the world.
Accordingly, insurers have a key role in co-creating and adapting their offerings to the new digital environment. In collaboration with IIA and insurtech start-ups, and by leveraging digital platforms, insurance organizations are optimizing their operational workflows and applying intelligent technologies to create new levels of efficiency and service excellence across the entire insurance value chain.