Magma HDI General Insurance has entered into a Corporate Agency Agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan customers
FinTech BizNews Service
Mumbai, April 1, 2024: Magma HDI General Insurance Company, a prominent player in India’s general insurance sector and Suryoday Small Finance Bank, one of the fastest-growing small finance banks in India, have entered into a Corporate Agency Agreement to offer health insurance to Suryoday Bank’s Commercial Vehicle Loan customers. This strategic collaboration aims to bridge the health insurance accessibility gap by leveraging Suryoday Bank’s extensive reach across urban as well as rural regions.
With this tie-up, Suryoday Bank Commercial Vehicle Loan customers will gain access to customized health insurance solutions, aligning with the Bank's commitment to social inclusiveness.
MoU signing ceremony was held in Mumbai, in the presence of Mr. Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance and Mr. Baskar Babu Ramachandran, MD & CEO of Suryoday Small Finance Bank, and other key dignitaries from both the companies.
Speaking on the occasion, Mr. Rajive Kumaraswami stated, “Our partnership with Suryoday Small Finance Bank marks a significant milestone in the company’s journey, strengthening our reach and distribution through the corporate agency. This strategic alliance reflects our commitment to expanding insurance penetration to broader customer base. Leveraging our decade-long experience in general insurance, coupled with Suryoday Bank’s extensive reach, we aim to forge synergies that benefit the customers and contribute to the growth of both the organizations."
Speaking on the occasion, Mr. Baskar Babu Ramachandran said, “Our strategic partnership with Magma HDI integrates health insurance seamlessly into our existing financial offerings. With this partnership, we are poised to address the diverse financial needs of our Commercial Vehicle customers. This collaboration not only boosts our mission of social inclusiveness but also is a testament of our unwavering focus on prioritizing best-in-class financial customer-centric products and solutions.”
