Three takaful companies are among five insurers that have signed on to use a new Dubai-based blockchain platform.
Aman (Dubai Islamic Insurance & Reinsurance Company), Noor Takaful and National Takaful Company join Al Wathba Insurance and Oriental Insurance on the Addenda blockchain, according to a statement from the Dubai International Financial Centre (DIFC) on Tuesday.
InsurTech start-up Addenda is based at the DIFC and was part of the second cohort of DIFC FinTech Hive’s accelerator programme in 2018.
The start-up went on to receive a license to operate at DIFC.
Addenda’s blockchain is built on the Hyperledger Fabric blockchain framework and allows insurance companies to settle outstanding claims and payments among each other.
DIFC FinTech Hive executive vice president Raja Al Mazrouei wrote on her LinkedIn page on August 8 that insurance claims on the Addenda blockchain can “reduce claim response time from an average 4-7 days to minutes” and “reduce overhead required to handle recovery claims by at least 30%”.
Addenda was founded by brothers Walid Daniel Dib and Karim Davis Dib.
Noor Takaful is a member of DIFC FinTech Hive’s partner network for the 2018 and 2019 accelerator programmes.
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