Mashreq, one of the leading financial institutions in the UAE, has partnered with Turtlemint, an 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 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%. 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, 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”
Dhirendra Mahyavanshi, Co-founder, Turtlemint, said: “Our primary focus is to actively leverage technology to empower our partners in the insurance ecosystem. We are currently working with more than 40 insurers and seven banks in India apart from the 100,000 plus 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 said: “We are excited and proud to partner with Mashreq Bank. We hope that customers of the bank will like the digital insurance buying experience.” This first of a kind alliance exemplifies Mashreq’s commitment to creating intuitive and seamless investment journeys for its customers.
