Mashreq Bank automates bancassurance operations

WayPoint Systems, a leading Information Technology solutions provider has entered a partnership with Mashreq Bank, which is one of the largest lenders in the UAE.

As part of this partnership, both firms will work together to implement its ‘ASSURE–Bancassurance’ platform across the bank’s bancassurance processes.

Mashreq currently provides several bancassurance solutions through its insurance partners, including life insurance, car insurance and critical illness.

Since Mashreq successfully implemented it in May of 2021, the ASSURE platform has already offered many different key solutions to different classes of Mashreq clients. It has also offered a totally omni-channel service experience via end-to-end digitization and automation.

Most significantly, the platform has served as a means for the exchange of information between the lender and its insurance partners, making it easy for insurance providers to offer custom, tailored services and offerings to its client base.

The advent of the ASSURE platform has created a hyper-personalized system for customers, eliminating manual processes and the administration of policies and claims.

“Through the digitization of insurance sales, customer verification and claims management, the ASSURE platform has significantly reduced the complexity of Bancassurance procedures. Additionally, the platform’s API-driven technology means that integration with third-party insurance providers is easily maintained,” a report stated.