Mashreq Bank was founded in Dubai, in 1967, and today, celebrates over five decades of excellence and has emerged as one of the leading financial institutions in the United Arab Emirates (UAE). Mashreq bank offers Life Insurance products to its customers through four providers in the region, namely, Oman Insurance, Zurich, MetLife and Salama Insurance.
The primary distribution of the insurance products is conducted by insurance specialists at Mashreq. The insurance specialists had to log into each of the insurers’ portals separately to fetch quotes and illustrations. The unnecessarily long process of logging into each portal separately took up too much time and made it difficult for them to compare different policies.
Turtlefin created a common API to be used across all Insurance Providers bringing uniformity in the journey and vastly improving the user experience for Insurance Specialists, effectively improving their time to offer illustrations and quotes across providers by more than 150%.policies.
The unified platform built by Turtlefin enables Insurance Specialists and Relationship Managers to seamlessly access the required information.
Providing a single view of quotes across life insurance categories
Creating a ‘Need Analysis’ for customers
Enabling the selection of riders on the result page of multiple insurers.
Sharing the insurance providers’ customized illustration with the customer digitally
L1 and L2 hierarchy mapping enabling supervisors to track the performance of their team on the dashboard
Supporting multi-currency support namely AED and USD as the platform would cater to high net worth customers of Mashreq Bank
The platform created by Turtlefin made it easier for the Bank to adopt the new regime issued by the Central Bank of the U.A.E focusing on clarity, transparency, appropriateness and suitability for insurance and investment customers.