Magma HDI General Insurance Company Limited, a joint venture between Magma Fincorp, Jaguar Advisory Services, Celica Developers and HDI Global, the insurer has 160+ branches with an employee strength of 1000+ and a GWP (Gross Written Premium) of USD 172 million as of March 2020.
TCS BaNCS has a longstanding relationship with Magma HDI from 2012, when they selected TCS BaNCS for Insurance as their core insurance platform. Magma HDI has deployed TCS BaNCS for Property & Casualty Insurance’s functional modules for quotation, underwriting, policy issuance, policy servicing, claims, reinsurance, correspondence, and finance and accounting services to support multiple lines of business. They also use TCS BaNCS Digital for their online agent portal.
To facilitate a quick go-to-market strategy and enhanced profitability, Magma HDI decided to deploy a modern core insurance platform and a faster full-service approach, with TCS BaNCS as their solution partner.
Read more about how TCS BaNCS is supporting Magma HDI towards their vision of a low-touch, AI-driven claims processing with their new launched claims adjudication platform MAGIC (Magma-HDI General Insurance Claim).