Magma HDI General Insurance joins hand with Suryoday Small Finance Bank as their ‘Corporate Agent’ for providing Health Insurance – Elets BFSI – Elets

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Magma HDI General Insurance Company, a prominent player in India’s general insurance sector, and Suryoday Small Finance Bank, renowned for its rapid growth in the small finance banking arena, have forged a Corporate Agency Agreement. This partnership aims to offer Suryoday Bank’s Commercial Vehicle Loan clients health insurance. By capitalizing on Suryoday Bank’s extensive urban and rural network, this collaboration seeks to bridge the gap in health insurance accessibility.

Suryoday Bank Commercial Vehicle Loan customers can now access customised health insurance solutions, which aligns with the bank’s commitment to social inclusion.


Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance, and Baskar Babu Ramachandran, MD & CEO of Suryoday Small Finance Bank, were present at the MoU signing ceremony in Mumbai, along with other significant dignitaries from both firms.

Speaking on the occasion, 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.”


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Speaking on the occasion, 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.”

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