Dubai: Five Major Insurers Adopt Blockchain-Based InsurTech Solution
According to a press release dated August 7, UAE-based InsurTech company Addenda is adding five more insurance companies to its customer portfolio. The firm hosts a platform that allows insurers to manage claims and other insurance processes via the blockchain.
Customer Portfolio Expanded
The firm is headquartered in the Dubai International Financial Center (DIFC) and has now reached a new milestone as five new companies have signed up for its platform. Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful, and Oriental Insurance have joined the Addenda platform and are now managing their claim processes with each other on the blockchain.
Addenda was founded in 2018 by Karim Davis Dib and Walid Daniel Dib as part of the DIFC’s FinTech Hive accelerator program and received a license to operate in the financial center.
Since then, Addenda has made significant progress in developing InsurTech solutions, with some thanks owed to the powerful network of DIFC who reslishes in over 24,000 professionals engaged with more than 2,100 firms.
The InsurTech sector is growing steeper than ever at an annual growth rate of around 16%. In 2018, the InsurTech market was valued at $533 million and is expected to reach over $1 billion in 3 years.
Insurance and Blockchain in Matrimony
Many insurance companies are understanding the essential role that blockchain may play in their growth process. Most of these companies are still facing slow and costly operating procedures, especially when it comes to claims. Blockchain can slim down the entire process, help them grow faster while keeping costs low, and improve their bottom line figures.
With the support of DIFC and its latest achievements, Addenda has all the clout to lead the InsurTech sector in UAE.
Insurance and blockchain are intensifying their connection: leading worldwide exchange Coinbase announced the willingness to open its own insurance company back in July, giant US company Metlife is considering to adopt Ethereum to simplify life insurance processes and major US company State Farm and the United States Services Automobile Association (USAA) are testing a blockchain solution to automate claims.
Blockchain seems to become a disruptive technology for the whole insurance sector.