Muffazzal Kajiji Head of Mashreq Gold. – Photos provided
The platform will interact digitally with all insurance providers in the Mashreq network through APIs designed for MashreqPad and used by the providers.
Mashreq, one of the UAE’s leading financial institutions, has partnered with Turtlemint, an India-based insurance distribution platform, to create a unified and transparent platform for insurance clients from the bank.
The platform will interact digitally with all insurance providers in the Mashreq network through APIs designed for MashreqPad and used by the providers.
The new proposal will allow transparency of information and allow Mashreq customers to access the right advice and make an informed choice when purchasing insurance products. Mashrek Bank operates under an open architecture model offering life insurance products to its clients through 4 of the largest providers in the region.
Anand Prabhudesai, co-founder, Turtlemint and Dhirendra Mahyavanshi, co-founder Turtlemint.
The unified platform built by Turtlemint will allow insurance specialists and relationship managers to seamlessly access required information and customize proposals for clients. This should reduce the proposal creation time by over 150%. Several other benefits offered by the platform range from providing a single view of quotes across all life insurance categories and sharing multiple quotes from insurers directly with clients to creating an ‘analysis. needs ”for customers and offering personalized solutions.
Muffazzal Kajiji, Head of Mashreq Gold, said: “At Mashreq Bank, we are committed to leveraging innovative solutions to deliver the best products to our customers in a transparent and efficient manner. The platform will allow our clients to choose the most suitable insurance product that meets their needs. Turtlemint, with its expertise in building insurance distribution platforms and its in-depth knowledge of insurance solutions, was a natural fit for Mashreq Bank to consider for this platform.
According to Dhirendra Mahyavanshi, co-founder of Turtlemint, “Our main goal is to actively harness technology to empower our partners in the insurance ecosystem. We are currently working with over 40 insurers and 7 banks in India, in addition to the 100,000+ SMEs using the platform. The personalized digital platform we have created for Mashreq Bank will allow it to interact effectively with its customers and help them make informed decisions.
Anand Prabhudesai, co-founder of Turtlemint, shares: “We are delighted and proud to partner with Mashreq Bank. We hope the Bank’s customers enjoy the digital insurance shopping experience.
An alliance that has already earned the distinction of being the first of its kind in the region, is poised to set benchmarks in customer service by making optimal use of the right digital tools. This one-of-a-kind alliance illustrates Mashreq’s commitment to creating intuitive and transparent investment journeys for its clients. In addition, this is another example of how Turtlemint is optimally leveraging technology to solve the challenges of insurance distribution and is considering several use cases for the already created insurance platform. . In addition, the UAE regulatory landscape is changing as the regulator calls for a more efficient, transparent and seamless financial ecosystem.
Turtlemint’s offerings respond comprehensively to the requirements of the new regulations by equipping advisers with the right set of tools that can help them guide clients to the most suitable insurance solutions. It also meets transparency requirements by enabling risk and cost disclosure and helps create reports that comprehensively meet relevant compliance mandates. These have always been key areas for Turtlemint and the regulatory change is a welcome step towards creating a transparent and secure insurance ecosystem in the UAE. In the context of such a landscape, Turtlemint, with its technological first philosophy and its commitment to transparency and ethical transactions, is well placed to partner with financial institutions in the region. – business@khaleejtimes.com