The new blockchain answer, made within the Emirates, places an finish to a many years-previous trade problem
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The first UAE blockchain digital platform which allows insurers to reconcile motor restoration claims between one another and enhance their monetary place has been rolled out in Abu Dhabi, placing an finish to a many years-previous trade problem.
XA Group, a world supplier of Digital, Hardware and Manpower options within the automotive aftersales trade on Tuesday introduced the launch of Addenda, the primary ‘Made in the UAE’, Blockchain-based, end-to-end digital answer.
Leading UAE insurers together with Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful, and Oriental Insurance Company have been among the many first to undertake the digital answer within the UAE, highlighting the sector’s urge for food for transparency and digitalisation.
Photos by Ismail
During the launch occasion held in Abu Dhabi underneath the patronage and presence of Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful, and Oriental Insurance Company, XA Group introduced that it’s granting all MENA motor insurers open entry to Addenda for the primary six months in a bid to enhance their monetary place and assist them overcome the problem of motor restoration receivables. The insurers in attendance have been among the many first to undertake the digital answer and acquire arms-on expertise utilizing it.
Originally a blockchain know-how start-up and a DIFC FinTech Hive member, Addenda is capitalizing on XA Group’s superior automotive restore and insurance options to facilitate, centralize and handle all communications between insurers throughout the restoration strategy of motor claims.
XA Group’s imaginative and prescient is to additional develop and improve Addenda by integrating current merchandise into the platform and enabling seamless communications. Addenda goals to handle all the important thing touchpoints within the motor claims eco-system, bringing collectively insurers, brokers, repairers and clients.
XA Group, a UAE-primarily based international supplier of automotive aftermarket companies working within the Middle East, India and Europe, has additionally included an Arabic model of Addenda to help these regional insurers whose business language is primarily Arabic.
Addenda affords a reside and shared view of coverage knowledge and documentation amongst insurers, offering visibility into the intensive approval and reconciliation course of that takes place throughout motor restoration claims.
“We understand the challenges insurers face and the major financial burden posed on them due to the heavily decentralised and paper-based nature of the reconciliation process. Decentralisation 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,” Mina Sahib, Insurance Business Director for MENA at XA Group, stated throughout the press convention.
She added: “Seeing some of the leading insurers in the UAE onboard is testament to the sector’s appetite for transparency and digitalisation. Using Addenda, those early adopters are set to strengthen their position in the marketplace as we plan to develop the platform further by adding new features and enhancements.”
Sahib defined that Addenda is a communication platform that enables the centralisation of communication and doc between all insurance companies on the motor declare recoveries. When an insurance agency wants to recuperate funds from one other firm throughout third-get together claims, it permits for all that communication to happen digitally.
“Today, insurance firms use couriers, emails and phones to send paperwork and communication. There is no way to actually centralise it. As a result, we are seeing a major challenge in the market in terms of being able to reclaim the funds,” she instructed Khaleej Times on the press convention.
Paul McLeod, Chief Operating Officer at Emirates Insurance, stated: “The digital platform offers transparency between insurers when considered one of their clients has obtained a declare that has been piled by one other insurer. The platform facilitates paperless change of worth fee in a really seamless, environment friendly and price-efficient method.
“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.”
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