UAE Gets First Blockchain-Powered Solution to Acceletrate Motor Insurance Claims
Brian Njuguna Sep 28, 2022 04:15
XA Group has rolled out the first end-to-end and blockchain-based digital solution dubbed Addenda to tackle the decades-old industry challenge of reconciling motor recovery claims.
To tackle the decades-old industry challenge of reconciling motor recovery claims, XA Group has rolled out the first ‘Made in the UAE’ end-to-end and blockchain-based digital solution dubbed Addenda, according to local media outlet Khaleej Times.
The blockchain-powered solution has already been adopted by leading insurers in the United Arab Emirates (UAE), such as Oriental Insurance Company, Emirates Insurance Company, Yas Takaful, and Abu Dhabi National Insurance Company.
Therefore, this signals the industry’s appetite for digitalization and transparency. Per the announcement:
“Addenda offers a live and shared view of policy data and documentation among insurers, providing visibility into the extensive approval and reconciliation process that takes place during motor recovery claims.”
XA Group is a UAE-based global provider of automotive aftermarket services, and it has gone the extra mile of presenting Addenda in Arabic to support regional insurers whose language of operation is Arabic.
Mina Sahib, the Insurance Business Director for MENA at XA Group, pointed out:
“We understand the challenges insurers face and the major financial burden posed on them due to the heavily decentralized and paper-based nature of the reconciliation process.”
She added:
“ Decentralization often means insurance companies are unable to fully identify the reasons behind outstanding claims and therefore, they are not able to reconcile their financials with other insurers.”
Addenda is a platform that makes communication and documentation seamless and paperless about motor claim recoveries among insurance firms, according to Sahib.
Paul McLeod, the Chief Operating Officer at Emirates Insurance, stated:
“Exchanging recovery payments is a very big challenge to the industry. I think this is a small step for some of the leading firms in the industry to come together and start working as a group in a collaborative way.”
Meanwhile, Dubai seeks to render creative solutions and improve people’s lives by positioning itself as the global capital of Web3, Blockchain.News reported.
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