GlobalData
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Magma General Insurance has forged a motor insurance alliance with Toyota Tsusho Insurance Broker India (TTIBI) to strengthen its position in the passenger car insurance sector.
This collaboration will enable TTIBI to offer Magma's motor insurance products through its network of 150 dealers, targeting both private and commercial passenger vehicle owners across India.
The partnership aims to improve the availability of Magma's insurance policies, which provide coverage for a range of risks including accidents, theft, natural disasters and third-party liabilities.
By joining forces with TTIBI, Magma General Insurance seeks to facilitate easier access to motor insurance for consumers throughout the country.
Commenting on the partnership, Magma managing director and CEO Rajive Kumaraswami said: "This partnership is a strategic move to strengthen our presence in the passenger car segment, particularly private cars. With shared values of integrity, fairness and trust, we are confident that this collaboration will help us offer an exceptional service experience to our customers."
TTIBI managing director Takayuki Ueda San stated: "We are committed to boosting insurance penetration in the country by providing reliable and high-quality solutions in partnership with trusted entities like Magma. This collaboration allows us to offer superior products and a premium experience to our customers."
In March, Magma formed a partnership with Hyundai India Insurance Broking to leverage automobile dealership networks to distribute its insurance products.
Last month, the Competition Commission of India approved a 98.055% stake acquisition in Magma by Patanjali Ayurved and five other entities.
"Magma, Toyota Tsusho team up on car insurance in India " was originally created and published by Life Insurance International, a GlobalData owned brand.
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