Mashreq-a UAE-based prominent financial institution, recently entered into a partnership with Turtlemint, one of the leaders in the insurance distribution platform in India. Following the announcement, Mashreq will create a seamless and unified platform for the insurance customers of the bank. The platform will digitally interact with all the insurance providers in Mashreq’s network through APIs built for MashreqPad and consumed by providers.
This new proposition will enable information transparency and allow Mashreq’s customers to gain the right advice for making informed choices while purchasing insurance products. Mashreq bank operates under an open architecture model offering life insurance products to its customers via the largest providers in the region.
Turtlemint’s unified platform will enable Relationship Managers and Insurance Specialists to seamlessly access the desired information while customizing proposals for clients. This will likely reduce the time to create the proposal by over 150%. Other benefits extended by the platform include offering a single view of quotes across life insurance categories as well as sharing multiple quotes of insurers directly with customers to the creation of a ‘Need Analysis’ for customers and providing customized solutions.
Muffazzal Kajiji, Head of Mashreq Gold, stated, “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.”
On the other hand, Dhirendra Mahyavanshi, Co-founder Turtlemint, shared, “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.”
This unique alliance exemplifies Mashreq’s commitment to creating intuitive and seamless investment journeys for customers. Further, the UAE regulatory landscape is changing since the regulator calls for a more efficient, seamless, and transparent financial ecosystem.
Turtlemint’s offerings meet the demands of the new regulations by empowering advisors with the right tools that can further guide clients towards the right 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 the primary focus areas for Turtlemint- and the change in regulation is a welcome step towards designing a secure and seamless insurance ecosystem in the UAE.
