PHOTO
Dubai, United Arab Emirates: Mashreq, one of the leading financial institutions in the UAE, has partnered with Turtlemint, a leading insurance distribution platform based out of India, to create a unified and seamless platform for the bank’s insurance customers. 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 4 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 customize proposals for clients. This is expected to reduce the proposal creation time by more than 150%. 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 7 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, 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.
-Ends-
About Mashreq
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.
As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services.
Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for the Financial Institutions, Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.
About Turtlemint
India-born insurtech platform Turtlemint, has grown significantly since its inception in 2015, to raise close to USD 69 million from marquee investors. A pioneer of the offline-online model, Turtlemint has a wide network of 1,25,000 insurance advisors (POSPs) servicing more than 3.5 million customers, trained and equipped to issue an insurance policy instantly to its prospective buyer via Turtlemint’s user-friendly and innovative digital platform. It empowers POSPs to sell insurance policies to consumers in their first language in every part of the country across 5,000+ metros, cities, and towns covering 14,000+ pin codes, thus ensuring last mile connect.
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
