Magma General Insurance Limited (Magma) has announced a strategic alliance with Hyundai India Insurance Broking Pvt. Ltd. (HIIB) to broaden the availability of motor insurance throughout India.
Under the terms of the agreement, HIIB will offer Magma’s motor insurance policies, covering both private and commercial passenger vehicles, through its network of over 600 dealerships across the country. The aim of this collaboration is to provide vehicle owners with robust insurance protection against a range of risks, comprising accidents, theft, natural disasters, and third-party liabilities.
By joining forces, both companies intend to provide customers nationwide with convenient, cost-effective insurance solutions.
The agreement was formally signed in Gurugram last week, with key representatives from both organizations present.
Mr. Sameer Samdani, Whole Time Director and CEO of Hyundai India Insurance Broking, commented on the partnership, stating, “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.”
Mr. Rajive Kumaraswami, Managing Director and CEO of Magma General Insurance, echoed this sentiment, emphasizing, “We are excited to partner with Hyundai India Insurance Broking (HIIB), a wholly owned subsidiary of Hyundai Motor India Limited (HMI), the second-largest carmaker in India. 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.”
This collaboration underscores Magma and HIIB’s shared commitment to delivering high-quality insurance solutions, ensuring financial security and convenience for vehicle owners throughout India.
