One of the largest insurance companies of UAE, Abu Dhabi National Insurance Company (ADNIC), has recently announced its collaboration with blockchain technology startup, Addenda Tech, to innovate neoteric solutions that would facilitate the motor claims recovery process.
The main aim of the partnership is to craft a motor recovery solution built on top of a robust and reliable blockchain architecture that will allow insurance firms to digitally settle motor recovery claims at a drastically lowered time as well as cost, compared to the existing manual process.
Also, ADNIC will be backed by AXA Insurance and Emirates Insurance Company to simultaneously benefit from the partnership and strengthen operations by leveraging the prowess of blockchain-powered solutions. They believe that the partnership above will pave the way for other organizations to employ new technologies raising standards across the UAE as a whole.
In the words of ADNIC’s CEO, Ahmad Idris, “The solution will boost efficiency and customer satisfaction, as we enhance our role as the consumer’s trusted insurance partner.” He has also called upon insurtech companies to tie-up to reshape the financial sector.
Stefan Schrey, Head of Claims at AXA Insurance in the Gulf, added,
Collaborating with ADNIC, Emirates Insurance and Addenda is a clear opportunity to improve our services, and is aligned with our innovation mind-set. We hope to help increase the number of insurers associated with this platform by enhancing its expected advantages.
The proposed blockchain platform perfectly aligns with the UAE Government’s goal of a future digital economy, and also welcomes participation from the vast spectrum of regulated insurance organizations in the UAE.