Magma HDI General Insurance Company and Suryoday Small Finance Bank (SFB) have entered into a Corporate Agency Agreement to offer health insurance to Suryoday Bank’s commercial vehicle loan customers. The collaboration aims to bridge the health insurance accessibility gap by leveraging Suryoday Bank’s reach across urban as well as rural regions.
Speaking on the occasion, Rajive Kumaraswami, MD and CEO, Magma HDI General Insurance, 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 organisations.”
With this tie-up, Suryoday Bank Commercial Vehicle Loan customers will gain access to customised health insurance solutions, aligning with the bank’s commitment to social inclusiveness.
Speaking on the occasion, Baskar Babu Ramachandran, MD and CEO, Suryoday Small Finance Bank, 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 prioritsing the best-in-class financial customer-centric products and solutions.”