Magma HDI to Introduce New Products to Enhance Retail Insurance Portfolio
Updated On Feb 08, 2021
Magma HDI General Insurance Company is mulling over to launch travel health insurance and group health insurance schemes in the coming financial year to foster its retail portfolio. At present, retail represents approximately 5 per cent of its entire business. As per the MD and CEO of Magma HDI, Mr. Rajive Kumaraswami, “the objective is to enhance the portion of retail to around 20-25 per cent in the coming two to three years.”
The organization launched a health plan called OneHealth, to cover multiple medical conditions as well as lifestyle diseases eight months back. Under the group health insurance coverage, the concentration would be on small and medium enterprises (SMEs) in comparison to big corporate firms.
In 2017-18, Magma HDI had a complete business premium of Rs. 560 Crore, a development of around 32 per cent, contrary to Rs. 423 Crore in FY17. As of now, motor represents near 74 per cent of the entire premium amount, while commercial insurance represents around 21 per cent. Hence, the organization intends to cut down the share of motor insurance to around 60 per cent in the next two to three years.
Besides, Magma HDI also plans to initiate the bancassurance channel by preparing for the tie-ups with banks for its product distribution.