Abu Dhabi National Insurance Company (ADNIC) has announced a partnership with Addenda Technologies to use blockchain for the motor claims process. The Emirates Insurance Company and AXA Insurance are also participating in the effort and will partner with ADNIC for a pilot of the blockchain solution.
ADNIC and Addenda have been working together since 2018 owing to their involvement in the DIFC FinTech Hive accelerator programme. The two have developed a motor recovery solution underpinned by blockchain, allowing insurance companies to settle claims between each other seamlessly. The involvement of multiple underwriters explains the partnership with Emirates and AXA insurance to resolve claims.
“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,” said Ahmad Idris, CEO at ADNIC.
ADNIC is the third-largest insurance provider in the UAE and is part of the Abu Dhabi Investment Council’s portfolio of companies. Three months ago, Addenda announced the first clients on its blockchain platform underpinned by Hyperledger Fabric.
Commenting on the collaboration with ADNIC, Jason Light, CEO at Emirates Insurance Company, said: “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.”
Meanwhile, AXA has an insurance solution for security token offerings. The company recently ceased operations of its blockchain experiment fizzy, a parametric insurance solution for delayed flights.
AXA is also part of the B3i consortium, which boasts of big names from the insurance industry. R3’s Corda underpins the blockchain insurance solution by B3i.
Another major insurance consortium is RiskStream (formerly RiskBlock) which is getting close to production for its blockchain First Notice of Loss solution for auto claims. The group are also working on a subrogation solution, which would enable insurers to settle claims in a similar way to the Addenda platform.
