Magma HDI General Insurance Company Limited

Magma HDI General Insurance Company Limited, founded in 2009, is an esteemed subsidiary of Mr. Adar Poonawalla’s Rising Sun Group - and most of their shareholding is held by Sanoti Properties LLP. The other key shareholders are HDI Global SE, Celica Developers Private Limited, and Jaguar Advisory Services Private Limited.

Magma HDI General Insurance Company Limited provides a comprehensive range of insurance products designed to cater to various needs. In the retail space, they offer motor insurance, health insurance, personal accident insurance, and home Insurance. And, for the commercial needs, they provide fire insurance, engineering insurance, liability insurance, and marine Insurance.

Magma HDI General Insurance Company Limited strives to become the most dynamic, and responsible insurance provider, fulfilling the aspirations of all their stakeholders. Their ultimate goal is to help people live their lives safely without any concerns. Also, they aim to go above and beyond the offerings of traditional insurance companies to establish themselves as the most attentive and empathetic insurer in the country.

They are committed to honour their promises to the customers, ensuring a hassle-free and convenient experience for them. Also, they believe in empowering the employees to foster a culture of excellence and dedication and creating sustainable value for their valuable promoters. In the financial year, 2022-23, Magma HDI General Insurance Company Limited has issued 24,18,932 policies and received 2,32,155 claims.

Awards & Recognitions

Magma HDI General Insurance Company Limited has been bestowed with numerous prestigious awards -

The BFSI & Fintech Conclave & Awards, 2022, honoured them with ‘Customer Centricity Award Of The Year’, highlighting their dedication to serve their customers in the best possible way.
They were conferred with ‘Managing Pandemic by Operations’ award by Digital Transformation (DX) Awards, 2022 for recognising their endeavours in helping people manage their finances in times as odd as the pandemic.
BFSI Leadership Awards, 2022, bestowed them with the ‘Insurtech Company Of The Year’ award, recognising their efforts in the realms of insurance and technology.
Magma HDI General Insurance Company Limited was recognised as the champion in insurance technology with the ‘Technology Champion Of The Year Award (General Insurance)’ by BFSI Leadership Awards, 2022.
Their commitment to excellence in Robotic Process Automation in insurance was honoured with the ‘Best Use Of RPA in Insurance’ award by the BFSI Leadership Awards, 2022.
India Insurance Asia Awards acknowledged Magma HDI General Insurance Company Limited’s innovation in the realm of insurance by honouring them with ‘Insurance Initiative Of The Year’ award in 2022.

Claim Settlement Ratio

The Claim Settlement Ratio is an important measure that is used to assess the reliability of an insurance company in settling claims. It is a ratio of the total number of claims successfully settled by the insurance company to the total number of claims it received during a specific financial year. Magma HDI General Life Insurance Company Limited has achieved a claim settlement ratio of 74.7% in the fiscal year 2021-22.

With the help of the claim settlement ratio, you can gauge an insurance company's ability to manage and resolve claims efficiently. The insurer with a high CSR signifies their commendable ability to meet their claim obligations promptly and effectively. It is important to evaluate the CSR over the past few years to ensure that they have maintained a consistent track record.

Solvency Ratio

The solvency ratio is an important metric used to assess the financial health and stability of an insurance company. It serves as an indicator of their ability to pay out claims.

As per the regulations set by the Insurance Regulatory and Development Authority of India (IRDAI), insurance companies are obligated to maintain a minimum solvency ratio of 150%. Magma HDI General Insurance Company Limited stands out with an impressive solvency ratio of 210% for the period that ended on 31st of March, 2023. This suggests that they have a robust financial strength to cover their liabilities and fulfil their claim obligations.

Network Hospitals

Network hospitals are those hospitals that have an agreement with your insurance company, enabling them to offer cashless treatment services. So, if you opt for medical treatment at a network hospital and your insurer approves the cashless settlement, you do not need to arrange funds for your medical expenses and the insurer or third-party administrator (TPA) directly will settle the hospital bill on your behalf. However, it is important to remember that you may still be responsible for these expenses including consumables, administrative fees, registration fees, and other similar costs.

Magma HDI General Insurance Company Limited has established a strong network of 4,300+ hospitals for cashless treatments. To check the network hospitals based on your location, you can visit https://www.magmahdi.com/more/contact-us?f=y. Using this link, you can find the number of hospitals in your vicinity listed with your insurer as well as whether the hospital of your choice is part of their network.

Network Garages

Magma HDI General Insurance Company Limited has established a wide network of over 4,000+ garages. These garages have partnered with the insurance company to offer repair services in the event of an accident or damage to your vehicles. If you get your vehicle repaired at a network garage, you need not pay the repair expenses upfront and the insurance company will settle the bill directly. You only need to pay the deductible and any consumable charges that may apply.

To find the nearest network garages based on your location, you can visit https://www.magmahdi.com/more/contact-us?f=y.This link can also help you check the number of network garages available in your neighbourhood.

Customer Service

Toll-free Number
In case you need guidance on your insurance policies, have doubts or want information about their services, you can contact Magma HDI General Insurance Company Limited's customer support by calling their toll-free number, 1800-266-3202.
E-mail
For any inquiries, support requests, or other information, you can also reach out to them by sending an email to customercare@magma-hdi.co.in.

You can also connect with Magma HDI General Insurance Company Limited using alternate contact options as well -

Twitter: https://twitter.com/MagmaHDIGIC
Facebook: https://www.facebook.com/magmahdigeneral/