Magma HDI General Insurance Co Ltd (MHDI), the first general insurance JV to be headquartered in Eastern India has announced its plan for FY 15. The company which earned gross written premium (GWP) of Rs 425 Crore in FY 14, will target to increase business by 40% in FY 15. For the company which started operations in October 2012, FY 14 was the first full year of operations and issued over 3 Lac policies in FY 15 and majorly addressed customers in the semi urban and rural markets, the focus catchment areas for the company.
Addressing the media in Kolkata, Mr. Swaraj Krishnan, MD & CEO of Magma HDI said, “Our primary business has been derived from the motor business in the retail sector amounting to 92% of overall business. We hope to break even in FY 17, one of the fastest in the industry” he claimed.
MHDI offers cashless claims facility through a network of nearly 1300 garages.
For the year ahead, we plan to focus on multiple revenue streams and will need to rejig our portfolio to do more non-motor business. We will continue to invest in infrastructure and information technology to make it possible for us to provide services at the remote location at least cost”.
“We have successfully leveraged on the JV, and we make an attempt to combine Magma’s strong brand equity, extensive distribution network with international insurance expertise, product range, technology and global service standards of HDI Gerling. Our parentage enables us to leverage the reach, get access to the salesforce to explore cross sell opportunities and get the mileage out of the existing relationships of Magma”, Mr. Krishnan added.
Addressing the media in Kolkata, Mr. Swaraj Krishnan, MD & CEO of Magma HDI said, “Our primary business has been derived from the motor business in the retail sector amounting to 92% of overall business. We hope to break even in FY 17, one of the fastest in the industry” he claimed.
MHDI offers cashless claims facility through a network of nearly 1300 garages.
For the year ahead, we plan to focus on multiple revenue streams and will need to rejig our portfolio to do more non-motor business. We will continue to invest in infrastructure and information technology to make it possible for us to provide services at the remote location at least cost”.
“We have successfully leveraged on the JV, and we make an attempt to combine Magma’s strong brand equity, extensive distribution network with international insurance expertise, product range, technology and global service standards of HDI Gerling. Our parentage enables us to leverage the reach, get access to the salesforce to explore cross sell opportunities and get the mileage out of the existing relationships of Magma”, Mr. Krishnan added.
