Abu Dhabi: Abu Dhabi National Insurance Company (ADNIC), one of the leading regional multi-line insurance providers for corporates and individuals, 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.
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 Officerat 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.
About Abu Dhabi National Insurance Company
Abu Dhabi National Insurance Company (ADNIC) PJSC is a composite insurance partner with long standing expertise in providing insurance products to individuals and corporates across the Middle East and North Africa (MENA) region. Founded in the United Arab Emirates (UAE) in 1972, ADNIC has a wide network of branches as well as sales and service centres across the country. ADNIC also has a representative office in London, under the name ADNIC International Ltd. ADNIC is a publicly listed company on Abu Dhabi Securities Exchange (ADX).
For more information, please contact:
Hassan Al Khuwaildi
Senior Manager - Corporate Communications
Abu Dhabi National Insurance Company
D: +971 2 4080421
F: +971 2 4080625
M: +97156 6855847
AXA, one of the largest global insurers, is a worldwide leader in Insurance and Asset Management with a purpose of empowering people to live a better life. In the Gulf region, AXA has been present for more than 68 years, offering a wide range of insurance products and services for corporate, SME and individual customers.
AXA in the Gulf is one of the largest international players in the GCC, covering the UAE, Oman, Bahrain and Qatar markets, with a workforce of over 800 employees, 25 branches and retail shops region-wide and over 1 million customers. With a range of products and services tailored to each customer, covering property & casualty insurance and life & health insurance, AXA in the Gulf is a multi-lined one-stop shop insurer.
Additionally, AXA is focused on helping the world better face climate risk, whilst also extending protection and risk knowledge to the public, in an effort to contribute to global economic development and become a trusted partner for customers in the region.
Recognised as a leading insurance brand, AXA has been winning several awards for its quality of services and products, and remains the #1 Global Insurance Brand for the 10th consecutive year as per Interbrand rating. For more information visit www.axa.ae
© Press Release 2019