Magma General Insurance Embraces Digital Transformation for a Future-Ready Ecosystem
In today’s rapidly evolving digital landscape, Magma General Insurance is taking bold steps to modernize its technological backbone. As a leading player in India’s insurance sector, the company offers a diverse portfolio of over 70 products across motor, health, personal accident, home, and commercial insurance. Backed by Sanoti Properties LLP, Magma has consistently prioritised operational excellence and customer-centric service. To stay ahead in an increasingly competitive market, the company is now embracing a digital transformation by migrating its core insurance applications to Oracle Cloud Infrastructure (OCI). This strategic move is enhancing scalability, fortifying data security, and optimising business operations.
A new digital chapter for Magma General Insurance
Leading this digital revolution is Amit Thapliyal, Chief Technology Officer of Magma General Insurance. Thapliyal, who brings extensive experience from his tenure at Cigna, AXA, and the National Stock Exchange, has been instrumental in driving Magma’s cloud migration. “Technology today is the backbone of any organisation. Five years ago, it was not a boardroom discussion. Today, it’s the only discussion,” he states.
The shift to OCI was not merely a technological upgrade but a strategic move to future-proof the company’s operations. “We were previously operating from two large data centres in India with a significant on-premises footprint. However, insurance is a seasonal business with sudden spikes, especially in the last quarter of the financial year. We needed a system that could scale seamlessly without technology becoming a bottleneck,” explains Thapliyal.
Why Oracle Cloud?
Magma General Insurance evaluated several cloud options, including AWS and Azure, but chose OCI for its ability to offer Customer (ExaCS) as a Platform-as-a-Service (PaaS). “80% of our compute runs on Oracle Exadata, and OCI’s built-in security, encryption, and cost efficiency made it the best choice,” says Thapliyal.
The migration to OCI was completed in just 60 days with zero downtime, a remarkable achievement for an organisation with a decade-old legacy system. Despite performance issues during the transition, these were expected and addressed as applications were not initially designed for the cloud. Migration partners helped ensure native cloud capabilities were developed.
Operational and business Impact
Magma General Insurance’s digital transformation has significantly improved operational efficiency. “Our Technology Operations team has almost halved in size, yet our efficiency has doubled,” says Thapliyal. The impact of OCI extends beyond cost savings and scalability; it also strengthens the company’s cybersecurity framework. “With Oracle’s defense-by-design approach, security is not an afterthought—it’s embedded into the system. Exadata’s built-in encryption ensures compliance with evolving data protection laws,” he adds.
Innovating for the future
While Magma’s OCI journey has been a major milestone, the company is not stopping there. It is actively exploring artificial intelligence (AI) and big data analytics to enhance risk assessment and claims processing. “We are working on a large data lake project and considering OCI’s Lakehouse framework. Additionally, we are developing native applications using OCI’s HeatWave and Docker capabilities to optimise our processes,” Thapliyal reveals.
These initiatives align with Magma’s broader business strategy of diversifying beyond motor insurance. Currently, 80% of its portfolio is motor insurance, but the goal is to expand its health insurance segment to 30% of total revenue within three years. “We have carved out a standalone health vertical with dedicated sales, operations, and technology teams. The plan is to become a 10,000 crore company in the next five years,” he states confidently.
Staying ahead in a competitive market
The insurance industry is heavily regulated, leaving little room for differentiation through product innovation. Instead, success hinges on efficient risk management and superior customer service. “Insurance is about managing the right risk and ensuring timely claims processing. With OCI, we are not just keeping up with industry standards—we are setting them,” asserts Thapliyal.
Looking ahead, the company remains committed to leveraging technology to enhance customer experiences. “When it comes to compute power, Oracle has been the best for the last 30-40 years. With OCI, we don’t need an army of database administrators working 24/7. Our systems are available, accessible, and performant at all times,” he adds.
As Magma General Insurance continues its upward trajectory, its digital transformation journey serves as a testament to the power of strategic technology adoption. By embracing OCI, the company has not only modernised its IT infrastructure but also strengthened its foundation for future growth. “Given the choice, OCI is the definitive path forward for us, both technologically and commercially,” concludes Thapliyal.
Magma’s journey highlights a critical lesson for the BFSI sector: in a rapidly evolving digital landscape, the right technology decisions can make all the difference between being an industry leader and lagging behind.
