Mashreq, a leading financial institution in the MENA region, has partnered with Sukoon Insurance to introduce a pioneering embedded insurance solution for its small- to medium-enterprise (SME) customers. Through this collaboration, businesses can seamlessly access Workmenโs Compensation Insurance and Third-Party Liability Insurance directly via MashreqBiz online banking, offering a faster, simpler, and fully digital journey.
This initiative transforms how SMEs secure essential coverage by embedding insurance directly into the digital banking platform. Businesses can now instantly purchase Workmenโs Compensation Insurance to safeguard employees in case of workplace injuries and secure Third-party Liability Insurance to protect against accidental bodily injury or property damage claims. The entire customer experience is fully paperless, eliminating the need for manual documentation, broker negotiations, or offline processes, while delivering competitive premiums and comprehensive coverage tailored to SME needs.
The new solution is the result of a strategic collaboration framework between Mashreq and Sukoon Insurance, built to co-create a seamless embedded insurance distribution model. By integrating Sukoonโs underwriting and policy issuance capabilities with Mashreqโs digital banking platform, the partnership delivers a bank-led, insurer-powered experience, allowing customers to discover, purchase, and manage insurance without leaving the banking environment.
Commenting on the initiative,ย Rajeev Chalisgaonkar, Head of Business Banking & NEOBIZ at Mashreqย stated: โOur mission is to empower SMEs with convenient, digital-first financial and protection solutions. By embedding these essential protections within the familiar, trusted environment of MashreqBiz online banking, we are transforming a complex process into a simple, digital task. Beyond traditional banking, this initiative represents the provision of a holistic digital ecosystem that allows business owners to manage their finances and their risks all in one place.โ
In this regard,ย Hasheer Kottal, Senior Vice President & Senior Product Owner, Bancassurance at Mashreq,ย said:ย โAs part of our broader bancassurance offering, we are continuously enhancing our suite of protection solutions to better meet customer needs, with this new digital initiative representing a key part of that strategy. Available to SME and business banking customers across the UAE, the offering leverages real-time digital integration to enable instant quote generation, simplified onboarding through pre-populated business data, immediate payment, and digital policy issuance, with policies securely stored within the platform to ensure easy access, transparency, and efficient ongoing servicing.โ
Aditya Kulkarni, Executive Vice President, Head of Distribution at Sukoon Insuranceย stated: โOur partnership with Mashreq is a powerful example of how the future of insurance is evolving. This new solution enables us to meet customers where they are, at their point of need. By combining Mashreqโs digital leadership with Sukoonโs deep underwriting expertise, we can deliver reliable and compliant protection through a frictionless channel.โ
With this launch, Mashreq reinforces its commitment to the UAEโs SME ecosystem, empowering businesses with the tools and protection required to grow with confidence, while continuing to invest in advanced digital banking experiences and integrated financial and risk management solutions.
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