Mahindra Finance, one of India’s leading non-banking financial companies (NBFCs), is set to bring tailored general insurance solutions to its extensive customer base through a new partnership with Magma HDI General Insurance Company.
The partnership has been established to address the increasing demand for insurance products in India, according to FF News.
Through this agreement, Magma HDI will offer a wide range of bespoke general insurance solutions to Mahindra Finance’s clients.
The offerings will include products within both the motor and non-motor segments, reflecting the commitment of both organisations to enhance customer value and financial security.
Magma HDI General Insurance, a prominent name in India’s insurance industry, is known for its diverse portfolio of general insurance products.
Its services cater to a wide spectrum of needs, focusing on financial security and peace of mind for its customers. Mahindra Finance, a leading NBFC in India, provides a variety of financial services, including loans and asset financing.
The company is well-regarded for its strong presence across rural and semi-urban markets, making it a vital financial partner for emerging India.
This collaboration aligns with the Indian government’s vision of achieving “Insurance for All by 2047”.
By leveraging Mahindra Finance’s extensive rural outreach and Magma HDI’s insurance expertise, the partnership aspires to bridge the gap in financial inclusion and provide improved access to insurance products.
The official signing ceremony was attended by senior leaders from both organisations, including Raul Rebello, managing director & CEO of Mahindra Finance, and Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance.
Speaking on the partnership, Raul 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.”
Rajive Kumaraswami added, “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.”
With this partnership, both companies aim to enhance the overall customer experience, ensuring that clients receive comprehensive solutions to secure their financial futures.
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