Mashreq and Turtlemint have teamed up to build a uniform and seamless platform for Mashreq’s insurance consumers. Through APIs designed for MashreqPad and consumed by providers, the platform will digitally engage with all of Mashreq’s insurance providers.
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 customized 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.”
The new offering will bring information transparency to Mashreq’s consumers, allowing them to get the proper counsel and make an informed decision when purchasing insurance products. Mashreq Bank operates on an open architecture strategy, providing life insurance to its customers through four of the region’s top suppliers.
Insurance Specialists and Relationship Managers will be able to obtain essential information and personalize proposals for clients using Turtlemint’s unified platform. This is intended to cut the time it takes to create a proposal by more than 150 percent. The platform also provides a single view of quotes across life insurance categories and shares various quotes from insurers directly with customers, as well as performing a “Need Analysis” for customers and giving tailored solutions.
An association that has already established itself as the region’s first of its kind is poised to set new standards in customer service by maximizing the use of the correct digital tools. Mashreq’s dedication to delivering intuitive and frictionless investing journeys for its consumers is exemplified by this first-of-its-kind partnership.
Furthermore, it is another example of Turtlemint’s effective use of technology to address insurance distribution difficulties and envision multiple use cases for the company’s existing insurance platform. Furthermore, the regulatory landscape in the UAE is shifting as the regulator pushes for a more efficient, transparent, and integrated financial sector.
Turtlemint’s offerings are designed to help advisers meet the requirements of the new rules by providing them with the resources they need to steer customers to the best insurance solutions. It also satisfies transparency standards by allowing the disclosure of risks and costs and assisting in the creation of reports that meet all relevant compliance criteria. The change in regulation is a good step toward developing a smooth and secure insurance ecosystem in the UAE, which has always been a primary priority area for Turtlemint. In this environment, Turtlemint is well-positioned to engage with financial institutions in the region, thanks to its technology-first mindset and commitment to openness and ethical dealings.
