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The Mint’s Vishy Karamadam on bringing health insurance to the underbanked.

written by InvestorNews | August 23, 2018

“Within the UAE the segment which we are going after, is the blue-collar migrant worker segment. UAE has passed legislation which has made it mandatory for all these migrant workers to have health insurance. This has presented Mint with a unique opportunity given that we have an existing customer base of 400,000 clients, and over 800 corporate clients. The legislative mandate in UAE is excellent for the insurance sector.” states Vishy Karamadam, Chairman and CEO of The Mint Corporation (TSXV: MIT), in an interview with InvestorIntel Corp. CEO Tracy Weslosky.

Tracy Weslosky: Your news that you just put out on the insurance brokerage industry to the underbanked is fascinating to me. Can you tell us a bit more about it?

Vishy Karamadam: Yes. Mint is currently servicing the underbanked segment within the United Arab Emirates. Our main office is in Dubai. Within the UAE the segment which we are going after, is the blue-collar migrant worker segment. UAE has passed legislation which has made it mandatory for all these migrant workers to have health insurance. This has presented Mint with a unique opportunity given that we have an existing customer base of 400,000 clients, and over 800 corporate clients. The legislative mandate in UAE is excellent for the insurance sector. This has presented for Mint a very low-hanging fruit opportunity. To address this opportunity we needed to go and get a license to become an insurance broker. Mint has already got the provisional approval. We have a team in place and we are working through the last remaining steps to get the full approval, which will allow Mint to offer insurance as a bundled product along with our payroll.

Tracy Weslosky: What should we expect from the Mint Corporation here this next quarter as we drive into fall? 

Vishy Karamadam: Mint is actually in a very exciting time. We are at an inflection point. We have a number of major initiatives which are at the cusp of getting launched, the most important being the launch of our mobile wallet application. We are finishing up the processes with the Central Bank to launch that mobile wallet application, which in turn will allow all our 400,000 customers, whom we have today, access a variety of financial services products using the Mint mobile application. That is a huge step forward in the evolution of Mint, couple that with the Mint insurance brokerage, which we talked about, we are finishing up the last stages of the physical office reconfiguration, which is a must for the insurance license and all those last steps to become a fully licensed insurance broker. This is an exciting time for Mint and a lot of great things are coming up…to access the complete interview, click here

Disclaimer: The Mint Corporation is an advertorial member of InvestorIntel Corp.