ABU DHABI- Abu Dhabi National Insurance Company, ADNIC, has partnered with Addenda Technologies, a blockchain technology start-up and DIFC FinTech Hive member, to bring new innovation to the claims process.
ADNIC and Addenda Technologies began working together in 2018 through their involvement with DIFC’s FinTech Hive accelerator programme. A team of claims experts from ADNIC collaborated with the start-up to develop a motor recovery solution powered by a secure blockchain platform that allows insurance companies to settle motor recovery claims digitally between each other at a fraction of the time and cost the current manual process takes.
This benefits customers through faster approvals from the counter party insurance company. Ahmad Idris, Chief Executive Officer at ADNIC, said, "This partnership represents another milestone in ADNIC’s digitisation and innovation journey. We are proud to participate in the FinTech Hive Accelerator Programme to mentor a DIFC based start-up and introduce a solution that will enhance motor recovery processes across the industry. The solution will boost efficiency and customer satisfaction, as we enhance our role as the consumer’s trusted insurance partner. ADNIC is looking forward to future partnerships with Insurtech companies to reshape the sector and bring about further automation in key processes."
In a collective effort to strengthen industry operations and adopt the latest technological solutions, both Emirates Insurance Company and AXA Insurance will partner with ADNIC to benefit from the introduced blockchain solution. The mutually beneficial relationship will embed innovative solutions into industry practices and pave the way for more collaborations to address industry challenges and enhance customer satisfaction. Jason Light, Chief Executive Officer at Emirates Insurance Company, said, "At Emirates Insurance we have been working hard on our digital transformation and are excited to participate in a pilot programme with our colleagues and neighbours at ADNIC as part of the next phase of that digital journey. The opportunity to leverage new technologies and partner with other high quality organisations is a chance to raise standards across the whole UAE market.
It also aligns with the Government’s vision of a more digital economy." Stefan Schrey, Head of Claims at AXA Insurance in the Gulf, added, "In line with our strategy of becoming a more encouraging partner to our customers and clients, AXA supports innovative solutions and technologies which benefit our customers and strengthen our relationship with the partners. Collaborating with ADNIC, Emirates Insurance and Addenda is a clear opportunity to improve our services, and is aligned with our innovation mind-set and AXA's support to InsurTechs in the GCC. Leading by example, we hope to help increase the number of insurers associated with this platform by enhancing its expected advantages."
The blockchain platform is open to all regulated insurance companies in the UAE to participate in.
© Copyright Emirates News Agency (WAM) 2019.