Mashreq Bank automates bancassurance operations through partnership with WayPoint System

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DUBAI, UAE, Nov. 8, 2021 /PRNewswire/ -- WayPoint Systems, a leading Information Technology service provider has partnered with Mashreq Bank, one of the leading financial institutions in the UAE, to implement its 'ASSURE – Bancassurance' platform across the bank's bancassurance processes. Mashreq offers several bancassurance solutions through its insurance partners, including life insurance, car insurance and critical illness.

Since its successful implementation in May 2021, the ASSURE platform has already provided several key benefits to Mashreq clients, as well as a completely omni-channel service experience through end-to-end digitization and automation. Most notably, the platform has facilitated an exchange of information between the bank as well as its insurance partners, thereby enabling insurance providers to offer more personalized services and products to Mashreq's client base.

Mufazzal Kajiji, Head of Mashreq Gold and Executive Vice President of Mashreq Bank: "For several years, Mashreq's primary focus has been on improving customer experience and introducing products and services that provide value and convenience for partners and stakeholders. With that goal in mind, we are delighted to have partnered with WayPoint Systems to add the ASSURE – Bancassurance platform. The solution has enabled us to significantly simplify Bancassurance administration processes, creating a more personalized and valuable experience. Other benefits include the reduction in our operational and administration costs, as well as the ability to provide a sophisticated but simple customer management experience."

"Our endeavor in creating tech-driven procedures gave way to ASSURE. As Banks are moving faster towards an Open Banking structure, there are more opportunities in digitalizing the internal structure of banking which led us to the idea of ASSURE", commented Dayan V Ipe, CEO, WayPoint Systems. "We are happy to collaborate with Mashreq and being a part of the digital culture growing across the institution."

Thomas Cherian, Executive Vice-President and Head of Technology at Mashreq, said: "At Mashreq, we are constantly examining ways to improve productivity as well as internal procedures, in line with our goal of delivering a better experience for our customers. ASSURE is analogous to our idea of automation software for banking operations; as it prioritizes the user experience and security, first and foremost. The implementation of this solution also improves several efficiencies – including our procedures, product management as well as an improved claims management process."

In practice, the implementation 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. Stakeholders also benefit from streamlined insurance distribution and commission management, as well as customer support when required.

About Mashreq

One of the UAE's best performing banks for five decades, Mashreq is a leading financial institution with an expanding footprint across the Middle East. We have international offices in Europe, Asia, Africa and the US, and a strong presence in the financial capitals of the world.

As the oldest bank in the UAE, our journey can be traced back to humble beginnings in 1967, followed by periods of rapid growth and strategic expansion. Throughout our history, Mashreq has differentiated itself by pioneering new-to-market concepts and launching unique products and services. 

Our innovative approach sets us truly apart, it also continues to win us numerous awards and accolades across all fields including digital banking, the most recent were: Market Leader by Euromoney Cash Management Survey  in UAE for Corporates and in the Middle East and Africa for the Financial Institutions , Market Leader by Trade Finance Survey in the UAE and Middle East, Middle East Best Digital Bank by Euromoney Regional Awards for Excellence, the Most Innovative Consumer/Corporate Digital Bank in the UAE and Best Bank in the UAE by World's Best Bank Awards by Global Finance, Most Innovative Bank in the Middle East by EMEA Finance and many others.

For media enquiries, please contact:

Rana Al Borno                                                   
Public Relations, Mashreq                                    
Tel: 04 –6083629                                               
[email protected]

About WayPoint Systems FZCO

WayPoint Systems FZCO is the leading Information Technology Service provider constantly growing across the Middle East. We have our Headquarters based in Dubai Silicon Oasis, Dubai. We have over a decade of experience across the Middle East, South Asia, and African regions.

Our strong foundation in F&I Platforms management and TPA expertise gives us the leverage in implementing market-ready as well as organizational digital processes and software. Our partnerships and alliances with leading technology companies, banks and finance companies, insurance and reinsurance partners, both local and international have strengthened our portfolio. Our network of alliances and relationships empowers us to provide value innovation and accelerates our go-to-market capabilities.

We cater to a wide variety of client segments that include Banking, Finance, Retail, Hospitality, Manufacturing, Healthcare Services, Automotive, and Insurance. We also have expertise in Enterprise solutions which creates the complete payment and retail eco-systems for Small and Medium Businesses which are unique.

For media enquiries, please contact:

Stephy Paul
Public Relations, WayPoint Systems FZCO
Tel: +971- 4 288 1926 
[email protected]

SOURCE Mashreq Bank; Waypoint Systems LLC

Related Links

www.mashreqbank.com