The Insurance Brokers Association of India (IBAI) has announced the launch of its chapter at GIFT City. With insurance brokers contributing nearly 40% to the general insurance business and aspiring to expand their presence in life insurance, IBAI's presence at IFSC will help amplify its impact on the industry's next phase of growth.
The chapter at GIFT City will reinforce IBAI’s future-forward agenda to foster transparent, ethical and collaborative engagement with the International Financial Services Centres Authority (IFSCA), catalyse global insurance opportunities, nurture talent and uphold the highest standards of governance and professionalism within the insurance broking industry.
Additionally, IBAI plans to launch state-wise or city-wise chapters soon to foster greater dialogue and engagement with all stakeholders.
“The launch of the IBAI Chapter at GIFT City marks a pivotal step in integrating insurance broking services within India’s premier international financial hub,” IBAI president Narendra Bharindwal said.
“We must focus on the development of new insurance products tailored to emerging needs. There is a huge retail opportunity in targeting the 32m non-resident Indians and the Indian diaspora,” IFSCA chairman K Rajaraman said.
“I urge IBAI and the General Insurance Council to collaborate actively for product development and market growth. IBAI should also partner with the Indian Banks’ Association within GIFT City to explore innovative financial solutions.”
Mr Rajaraman also said, “Additionally, we must leverage AI and advanced technology solutions to drive efficiency and innovation, while simultaneously working to build strong reinsurance capacity to support the sector's expansion.”