back Back

Mashreq partners with Turtlemint to offer insurance solutions

By Leandra Monteiro

December 09, 2021

  • Banking
  • Digital Insurance
  • India

Mashreq Mashreq, one of the leading financial institutions in the UAE, has partnered with Turtlemint, a leading 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 4 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 customize 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 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 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 shared, “We are excited and proud to partner with Mashreq Bank. We hope that customers of the Bank will like the digital insurance buying experience.”

An alliance that has already earned itself the distinction of being the first of its kind in the region, is all set to create benchmarks in customer service by optimally leveraging the right digital tools. This first of a kind alliance exemplifies Mashreq’s commitment to creating intuitive and seamless investment journeys for its customers. Further, it is yet another example of how Turtlemint is optimally leveraging technology to solve for the challenges in insurance distribution and envisage multiple use cases for the already created insurance platform. Further, the regulatory landscape in the UAE is changing as the regulator calls for a more efficient, transparent, and seamless financial ecosystem.

Previous Article

December 09, 2021

Bank of Maharashtra partners with NPCI to launch Contactless Credit Card

Read More
Next Article

December 09, 2021

TrueLayer and Citizen Ticket collaborate for a better payments experience

Read More

IBSi Daily News Analysis

June 21, 2024


Industry experts react after India FIU fines Binance $2.2m, signaling tougher digital asset regulations

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

June 13, 2024

Fin+InsureTech Finsall raises $1.7m in Bridge Round led by Unicorn India Ventures & Seafund

Read More

June 12, 2024

5 RegTechs enhancing compliance for India’s BFSI sector

Read More

June 11, 2024

Mbank & team up to streamline insurance solutions

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
Get your copy now! IBSi Sales League Table 2023