Magma HDI & Mahindra Finance collaborate to boost general insurance accessibility
Magma HDI General Insurance Company, a fast-growing company in India’s general insurance sector, has entered into a corporate agency agreement with Mahindra Finance, a leading player in India’s non-banking financial services sector, to deliver customized general insurance solutions. This collaboration is poised to address the surging demand for comprehensive insurance products across the country, leveraging the strengths of both organizations.
Through this alliance, Magma HDI will offer a diverse portfolio of tailored general insurance products, spanning motor and non-motor segments, to Mahindra Finance’s clients. These solutions are designed to enhance financial security and are aligned with the evolving needs of India’s growing general insurance market.
Mr. Raul Rebello, Managing Director and CEO of Mahindra Finance, and Mr. Rajive Kumaraswami, Managing Director and CEO of Magma HDI General Insurance, attended the signing ceremony, which other senior officials also attended.
Mr. Raul Rebello, Managing Director & CEO of Mahindra Finance, said, “We are glad to collaborate with Magma HDI General Insurance to offer tailored general insurance coverage to our customers. This strategic collaboration will provide access to the ever-growing insurance sector while delivering on our commitment to being a responsible financial solution partner to emerging India.”
Mr. Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance, shared, “Our partnership with Mahindra Finance marks a significant step in uniting the ecosystem to advance the insurance industry’s vision of ‘Insurance for All by 2047.’ By offering tailored insurance solutions, we are committed to enhancing our customers’ financial security and ensuring the peace of mind they need to navigate life’s uncertainties.”
Magma HDI, recognized for its wide-ranging general insurance offerings, brings its expertise to this partnership, while Mahindra Finance, with a robust presence in rural and semi-urban markets, ensures extensive outreach. By combining Mahindra Finance’s expansive rural footprint with Magma HDI’s innovative insurance solutions, the partnership aspires to empower underserved communities with essential financial safeguards.
