Agreement Details
RNIT AI Solutions Limited has entered into a Master Development Services Agreement with 1FC Technology Private Limited for the design, development, integration, testing and deployment of technology solutions forming part of the 1FC digital financial ecosystem.
Scope of Services
The agreement covers development of:
- 1FCode financial and wealth technology solution
- 1FC Insure insurance technology solution
Specific capabilities include:
- Investments and portfolio analytics
- Financial planning and lending
- Insurance technology
- Digital onboarding and identity
- Data aggregation and integrations
- Financial analytics
- Spending and budget intelligence
- Customer management
- Regulatory and compliance technology
- PoSP onboarding, training and certification
- Insurer and product integrations
- Quotation and policy issuance workflows
- Policy servicing and renewals
- Claims management
- Commission and payout management
- AI-based document OCR and intelligence
- CRM and analytics
- Regulatory reporting
- Customer self-service
AI Component
The 1FCode solution incorporates NIA, RNIT's AI assistant, which will provide:
- Conversational orchestration
- Contextual financial information access
- Multilingual interaction
- Voice input and text-to-speech capabilities
- Guided goal-planning
- Embedded information presentation
- Compliance guardrails
Financial Consideration
The engagement is classified as Tier-3 under the Company's policy, indicating a value between ₹5 crore and ₹15 crore inclusive of GST.
Project Timeline
The overall project duration is contemplated at approximately six months from the Effective Date, subject to the ownership provisions of the Agreement.
Significant Terms and Conditions
- Delivery, testing and acceptance are module-based
- Material changes to agreed scope subject to mutually approved Change Requests
- 90-day warranty for specified defects following production acceptance
Related Party Status
The Agreement does not constitute a related-party transaction. The promoter/promoter group of RNIT do not have any interest in 1FC Technology Private Limited.
Strategic Rationale
This engagement represents RNIT's strategic entry into the FinTech, WealthTech and InsurTech domains. It enables the Company to extend its established Artificial Intelligence, digital identity, software engineering, systems integration, analytics and programme-management capabilities into the BFSI technology ecosystem, thereby broadening RNIT's technology portfolio and application domains.