Magma General Insurance has joined forces with Hyundai India Insurance Broking (HIIB), aiming to offer Magma’s motor insurance products across Hyundai’s dealer network in India, reported the Economic Times.
The collaboration was formalised last week in Gurugram, India.
HIIB will provide Magma’s motor insurance offerings for both private and commercial passenger vehicles at more than 600 dealerships throughout the country.
This initiative is expected to offer Hyundai customers protection against risks such as accidents, theft, natural disasters and third-party liabilities.
Hyundai Insurance director and CEO Sameer Samdani said: “We aim to enhance insurance penetration by offering superior insurance solutions designed in association with the most trusted insurance companies. We are confident that our customers will benefit from Magma’s dynamic approach and solutions. The tie-up reinforces our proposition of delivering ‘Superior Products and One Class Above Experience’ to all our customers nationwide.”
Magma managing director and CEO Rajive Kumaraswami stated: “This partnership is a strategic initiative for us to strengthen our passenger car portfolio. Through our bouquet of motor insurance products and more than a decade of expertise in underwriting different customer segments, we shall be able to support Hyundai India Insurance Broking customers with easy access to insurance and quality service across the country.”
In December 2024, Magma entered a corporate agency agreement with Mahindra Finance to provide general insurance products to the latter’s customer base.
The company covers all major risks in general insurance retail products such as motor (car, two-wheeler, commercial vehicles, tractors), health, personal accident, and home as well as commercial products like fire, engineering and marine.
