Mashreq and Sukoon Insurance have launched new embedded insurance solutions for small- and medium-sized enterprises (SMEs) in the UAE. The digital service allows businesses to access Workmen’s Compensation Insurance and Third-Party Liability Insurance directly through the MashreqBiz online banking platform.
Digital Integration for Business Protection
The partnership integrates Sukoon’s underwriting capabilities with Mashreq’s digital banking platform. Consequently, business owners can purchase coverage without manual documentation or offline broker negotiations. The digital system uses pre-populated business data to generate instant quotes and issue policies immediately.
Furthermore, the platform securely stores all issued policies for ongoing servicing and transparency. This digital approach aims to simplify risk management for small businesses. Notably, the service is available to all SME and business banking customers across the UAE.
Features of Embedded Insurance Solutions
These embedded insurance solutions provide two primary types of coverage for businesses. First, Workmen’s Compensation Insurance protects employees against workplace injuries. Second, Third-Party Liability Insurance protects businesses against accidental bodily injury or property damage claims.
The transaction process is entirely paperless, allowing users to complete payments directly within the online banking portal. Meanwhile, the system eliminates the traditional offline steps typically required to secure commercial insurance.
Executive Statements on the Partnership
“As 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.”
Hasheer Kottal, Senior Vice President at Mashreq
“Our 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.”
Aditya Kulkarni, Executive Vice President at Sukoon Insurance
Future Outlook for SME Banking
As digital banking continues to expand, financial institutions are increasingly integrating non-banking services into their platforms. The introduction of embedded insurance solutions represents a growing trend where financial services and risk management converge. This model allows banks to offer a wider range of services directly to business clients.
In addition, Mashreq plans to continue investing in digital banking experiences to support the UAE’s business sector. By expanding its digital offerings, the bank aims to provide more integrated financial tools for SMEs.
