Sukoon Insurance Partners with WAX to Launch First Collector App in UAE

Sukoon Insurance, a leading UAE insurer, has collaborated with US-based tech company WAX to launch the first collector App in the UAE, aiming to revolutionize the way high-end item collectors manage and insure their collections.

Sukoon Insurance Partners with WAX to Launch First Collector App in UAE

Summary

In a strategic partnership, Sukoon Insurance and WAX have launched 'WAX Collectibles', an App tailored for collectors of high-end items. The App, available on Apple Appstore and Google Playstore, offers users an innovative platform to categorize, visualize, and insure their collections seamlessly.

Established in 1975, Sukoon Insurance, a subsidiary of Mashreq Bank, has been a front-runner in providing comprehensive insurance solutions to over 830,000 individuals and commercial clients in the UAE and Oman. The company's latest venture, a partnership with US-based tech company WAX, marks a significant milestone in its ongoing commitment to customer-centric innovation. The collaboration has resulted in the creation of 'WAX Collectibles', the first collector App in the UAE. The App offers a unique platform for collectors of high-end items, enabling them to manage and insure their collections with ease. Users can categorize and visualize their collections, thereby enhancing the overall user experience. The App is available for download on both Apple Appstore and Google Playstore. Sukoon's Executive Vice President expressed enthusiasm about the collaboration, emphasizing the company's dedication to providing outstanding insurance solutions. WAX's CEO echoed these sentiments, highlighting the company's commitment to serving collectors globally. With a market cap of 1,801,301,288 and a modest 3-month yield of 0.1%, Sukoon Insurance's financial performance has been steady. The launch of the collector App is expected to further solidify its position in the market, offering a unique service that caters to a niche segment of high-net-worth individuals. This strategic move could potentially open up new revenue streams for the company, further enhancing its financial stability. Despite the promising prospects of the new App, it is advisable for potential investors to adopt a neutral stance at this point. While the company's innovative approach and commitment to customer service are commendable, the success of the new App and its impact on the company's financial performance remains to be seen. Therefore, it may be prudent to hold off on any immediate investment decisions and monitor the company's performance in the coming months.

Source

Press Release

Summary

Sukoon Insurance, a leading insurer for high-net-worth individuals in the UAE, and US-based tech company WAX have partnered to launch the first collector App in the UAE. The App, named "WAX Collectibles", is aimed at enhancing how collectors of high-end items manage and insure their collections. Available on Apple Appstore and Google Playstore, the App allows users to categorize, visualize, and insure their collections with ease. Sukoon's Executive Vice President expressed enthusiasm about the collaboration, while WAX's CEO highlighted the company's commitment to serve collectors globally.

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