UAE’s Mashreq partners with Turtlemint to offer bespoke insurance solutions

Mashreq 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.

The unified platform built by Turtlemint will enable insurance specialists and relationship managers to access the required information and customise proposals for clients. This is expected to reduce the proposal creation time by more than 150 per cent. 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.

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.”

Earlier this year, Mashreq NEO, the full-service digital bank from UAE lender Mashreq Bank, announced that it will enable residents to conveniently open a bank account using facial recognition technology.

The initiative, launched in collaboration with the UAE’s Ministry of Interior, leverages the ministry’s existing facial recognition verification system, which uses technology to validate and authenticate the rightful holder of official document in real time against government databases to safeguard against fraud.

Read: Mashreq NEO to become UAE’s first digital bank to use facial recognition for account opening