Mashreq, one of the financial institutions in the UAE, has improved its insurance services for customers looking to cover themselves as it partners with Turtlemint, an insurance distribution platform based out of India. The platform will digitally interact with all the insurance providers in Mashreq’s network through APIs built for MashreqPad and consumed by providers.
The new proposition will enable information transparency and empower Mashreq’s customers to access the right advice and make an informed choice while buying insurance products. Mashreq bank operates under an open architecture model offering life insurance products to its customers through four of the largest providers in the region.
The unified platform built by Turtlemint will enable Insurance Specialists and Relationship Managers to seamlessly access the required information and customise proposals for clients. This is expected to reduce the proposal creation time by more than 150 per cent. Several other benefits offered by the platform range from providing a single view of quotes across life insurance categories and sharing multiple quotes of insurers directly with customers to creating a ‘Need Analysis’ for customers and offering customised solutions.
Muffazzal Kajiji Head of Mashreq Gold said, “At Mashreq Bank, we are committed to leveraging innovative solutions to offer our customers the best products in a seamless and efficient manner. The platform will empower our clients to choose the most appropriate insurance product that meets their requirements. Turtlemint, with its expertise in building insurance distribution platforms and deep knowledge of insurance solutions, was a natural choice for Mashreq Bank to consider for this platform”
According to Dhirendra Mahyavanshi, Co-founder Turtlemint, “Our primary focus is to actively leverage technology to empower our partners in the insurance ecosystem. We are currently working with 40+ insurers and seven banks in India apart from the 100,000+ SMBs using the platform. The customised digital platform that we have created for Mashreq Bank will enable it to efficiently engage with its clients and help them make informed decisions.”
Anand Prabhudesai, Co-Founder of Turtlemint shares, “We are excited and proud to partner with Mashreq Bank. We hope that customers of the bank will like the digital insurance buying experience.”
An alliance that has already earned itself the distinction of being the first of its kind in the region, is all set to create benchmarks in customer service by optimally leveraging the right digital tools. This first of a kind alliance exemplifies Mashreq’s commitment to creating intuitive and seamless investment journeys for its customers. Further, it is yet another example of how Turtlemint is optimally leveraging technology to solve for the challenges in insurance distribution and envisage multiple use cases for the already created insurance platform. Further, the regulatory landscape in the UAE is changing as the regulator calls for a more efficient, transparent, and seamless financial ecosystem.
Turtlemint’s offerings holistically meet the demands of the new regulations by empowering advisors with the right set of tools that can help them guide clients towards the most suitable insurance solutions. It also fulfills the transparency requirements by enabling the disclosure of risks and costs and helps in creating reports that holistically meet the relevant compliance mandates. These have always been key focus areas for Turtlemint and the change in regulation is a welcome step towards creating a seamless and secure insurance ecosystem in the UAE. In the backdrop of such a landscape, Turtlemint, with its technology first philosophy and commitment to transparency and ethical dealings, is well-positioned to partner with financial institutions in the region.