Mashreq Bank automates bancassurance operations thanks to a partnership with WayPoint System
Since its successful implementation in May 2021, the ASSURE platform has already delivered several key benefits to Mashreq customers, as well as a fully omnichannel service experience through end-to-end digitization and automation. More specifically, the platform facilitated an exchange of information between the bank and its insurance partners, thus enabling insurers to offer more personalized services and products to Mashreq customers.
Mufazzal Kajiji, Director of Mashreq Gold and Executive Vice President of Mashreq Bank: “For several years, Mashreq’s main goal has been to improve the customer experience and introduce products and services that provide value and convenience for partners and stakeholders. With this goal, we are delighted to partner with WayPoint Systems to add ASSURE – Bancassurance The solution has allowed us to dramatically simplify the bancassurance administration processes, creating a more personalized and valuable experience. Other benefits include reducing our costs. operational and administrative costs, as well as the ability to deliver a sophisticated yet straightforward customer management experience. “
“Our effort to create technology-driven procedures gave way to ASSURE. As banks move faster towards an open banking structure, there are more and more opportunities to digitize the internal structure of the bank, which led us to the idea of ASSURE ”, commented Dayan V Ipe, CEO, WayPoint Systems. “We are happy to collaborate with Mashreq and be part of the digital culture that is developing in the institution.”
Thomas cherian, executive vice president and chief technology officer at Mashreq, said: “At Mashreq, we are constantly examining ways to improve productivity as well as internal procedures, in line with our goal of providing a better experience for our customers. ASSURE is analogous to our idea of automation software for banking operations, because it puts the user experience and safety first. The implementation of this solution also improves several efficiency gains, including our procedures, product management as well as an improved management process. complaints.
In practice, the implementation of the ASSURE platform created a hyper-personalized system for clients, eliminating manual processes and administration of policies and claims. By digitizing insurance sales, verifying customers and managing complaints, the ASSURE platform has considerably reduced the complexity of Bancassurance procedures. Additionally, the platform’s API-based technology means integration with third-party insurance providers is easily maintained. Stakeholders also benefit from streamlined insurance distribution and commission management, as well as customer support when needed.
About the Mashrek
One of the UAE’s best performing banks for five decades, Mashreq is a leading financial institution with a growing footprint across the Middle East. We have international offices at Europe, Asia, Africa and the United States, and a strong presence in the financial capitals of the world.
As the oldest bank in the United Arab Emirates, our journey dates back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout its history, Mashreq has differentiated itself by creating new concepts in the market and launching unique products and services.
Our innovative approach really sets us apart, it also continues to win us numerous awards and accolades in all fields including digital banking, the most recent being: Market Leader by Euromoney Cash Management Survey in UAE for Corporates and in the Middle East and Africa for financial institutions, market leader by Trade Finance Survey in the United Arab Emirates and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, UAE’s Most Innovative Consumer / Business Digital Bank and UAE’s Best Bank by World’s Best Bank Awards by Global Finance, Most Innovative Bank in Middle East by EMEA Finance and many more.
For media inquiries, please contact:
Rana Al Borno
Public relations, Machrek
Phone. : 04 –6083629
About WayPoint Systems FZCO
WayPoint Systems FZCO is the leading provider of information technology services in constant growth across the Middle East. We have our head office based in Dubai Silicon Oasis, Dubai. We have over a decade of experience in Middle East, South Asia, and African regions.
Our solid foundation in managing F&I platforms and TPA expertise gives us the advantage of implementing out-of-the-box and organizational digital software and processes. Our partnerships and alliances with leading technology companies, banks and financial companies, insurance and reinsurance partners, both local and international, have strengthened our portfolio. Our network of alliances and relationships allows us to deliver valuable innovation and accelerates our time-to-market capabilities.
We serve a wide variety of customer segments including banking, finance, retail, hospitality, manufacturing, healthcare, automotive and insurance. We also have expertise in enterprise solutions that create complete payment and retail ecosystems for small and medium businesses that are unique.
For media inquiries, please contact:
Public Relations, WayPoint Systems FZCO
Phone. : + 971- 4 288 1926
Bank of Machrek SOURCE; Waypoint Systems LLC