Bridging Products & Distribution for Rural Markets

Vikas Mittal, Deputy CEO, and Amit Thapliyal, Chief Technology Officer, Magma HDI General Insurance:

Ravi Lalwani: The BFSI sector is rapidly shifting toward more personalized and digital-first financial services. What specific advancements or strategic changes does your organization plan to implement by 2025 to meet evolving market expectations? Are there particular markets where you aim to expand your presence or market share?

Vikas Mittal: Digital transformation in BFSI isn't a recent shift or a matter of choice; it's a continuous journey that has been reshaping the industry for decades. The real question now is not if companies will transform but how quickly they can align themselves with the accelerating pace of change. As customers increasingly demand seamless digital experiences, companies must evolve to stay competitive.

In this regard, Magma HDI General Insurance has been focused on providing seamless digital experience to our partners and customers. Some of the key initiatives undertaken and also ones in pipeline are:

For Partners: We have provided an intuitive portal dashboard integrated with critical databases such as Vahan, KYC, etc. that provides seamless policy issuance experience. We also have easy-to-integrate API kits for varied products, using which the Magma HDI General Insurance products become an integral part of partner's digital ecosystem.

Through regular feedback sessions with our partners, we keep finding avenues to better our digital offering for them.

For Customers: In order to empower our customers, we have provided tools such as self service IVR and chatbots.

These tools help the customers to interact with us in real time, from anywhere in the

world, at any time of the day and have their service requests addressed.