Abu Dhabi – Mubasher: Abu Dhabi National Insurance Company (ADNIC) has collaborated with blockchain technology start-up Addenda Technologies to provide fresh innovation to the motor claims recovery process.

Teamed up with the startup, ADNIC’s claims experts have developed a motor recovery solution that is powered by a secure blockchain platform which enables insurance firms to carry out motor recovery claims digitally and quickly between each other, at a fraction of the time and cost the current manual process takes, according to a press release on Sunday.

Addenda is a member of the Dubai International Financial Centre (DIFC) financial technology (FinTech) Hive.

“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,” commented ADNIC’s CEO, Ahmad Idris.

Meanwhile, Emirates Insurance Company and AXA Insurance Company have joined ADNIC on the platform as launch partners in a mutually beneficial relationship, aiming to plant innovative solutions into industry practices, address the field’s challenges, and enhance customer satisfaction. 

“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,” added CEO of Emirates Insurance Company, Jason Light.

Head of Claims at AXA Insurance in the Gulf, Stefan Schrey, indicated, “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.”