Mahindra Finance & Magma HDI to expand financial access in emerging India

By Gloria Mathias

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, one of the country’s NBFCs.

Under this agreement, Magma HDI will provide tailor-made insurance solutions to Mahindra Finance customers with a bouquet of general insurance products within the motor and non-motor segments.

This partnership aims to enhance financial security for Mahindra Finance customers through customised insurance solutions and collaboration with Magma HDI to provide innovative general insurance products.

Raul Rebello, Managing Director and CEO of Mahindra Finance, and Rajive Kumaraswami, Managing Director and CEO of Magma HDI General Insurance, attended the signing ceremony, which other senior officials also attended.

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.”

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.”

The collaboration seeks to enhance customer experience and financial security across India by leveraging Mahindra Finance’s extensive reach and Magma HDI’s expertise in insurance.