Four for blockchain
Abu Dhabi National Insurance Company has partnered with blockchain technology startup Addenda Technologies.
ADNIC and Addenda Technologies began working together in 2018. A team of claims experts from ADNIC collaborated with the startup 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.
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.
“This partnership represents another milestone in ADNIC’s digitization 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.” – ADNIC CEO Ahmad Idris.
“At Emirates Insurance we have been working hard on our digital transformation and are excited to participate in a pilot program with our colleagues and neighbors at ADNIC as part of the next phase of that digital journey. The opportunity to leverage new technologies and partner with other high-quality organizations is a chance to raise standards across the whole UAE market. It also aligns with the Government’s vision of a more digital economy.” – Emirates Insurance Company CEO, Jason Light.
“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 mindset 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.” – AXA Insurance Head of Claims, Stefan Schrey.