The collaboration aims to utilise Mahindra Finance’s network and Magma insurance solutions to improve financial protection throughout India. Credit: xtock/Shutterstock.

Magma HDI General Insurance has reached a corporate agency agreement with Mahindra Finance, a non-banking financial company (NBFC), to offer a range of general insurance products to its customers.  

The partnership aims to utilise Mahindra Finance’s network and Magma insurance solutions to improve customer experience and financial protection throughout India. 

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It enables Magma HDI to provide insurance solutions within the motor and non-motor segments to Mahindra Finance customers. 

The signing event saw the presence of executives from both companies, including Mahindra Finance MD and CEO Raul Rebello and Magma MD and CEO Rajive Kumaraswami.  

This alliance is in line with the Indian insurance industry’s goal of achieving ‘Insurance for All by 2047’.  

Commenting on the tie-up, Rebello 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 reach of the ever-growing insurance sector while delivering on our commitment of being a responsible financial solution partner to emerging India.”  

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Kumaraswami stated: “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.”  

In August this year, Magma processed its first claim through the National Health Claims Exchange (NHCX).  

The NHCX, an initiative by the National Health Authority, is designed to streamline healthcare claims processing under the Ayushman Bharat health scheme, which is a central government initiative.