The XA Group has introduced the first UAE blockchain digital platform Addenda – a “Made in the UAE” blockchain-based, end-to-end digital solution. The global provider of digital, hardware, and manpower solutions in the automotive after-sales industry, through the platform, will enable insurers to reconcile motor recovery claims between each other and improve their financial position.
Mina Sahib, the group director of MENA at XA Group, said they understand the challenges insurers face and the major financial burden they face because of the heavily decentralized and paper-based nature of the reconciliation process. He believes that because of decentralization insurance companies are unable to fully identify the reasons behind outstanding claims and are not able to reconcile their financials with other insurers.
The XA Group is granting all MENA motor insurers open access to Addenda for the first six months. This is an effort to improve their financial position and help them overcome the challenge of motor recovery receivables. Abu Dhabi National Insurance Company, Emirates Insurance Company, Oriental Insurance Company, and Yas Takaful are among the first to adopt digital solutions in the UAE.
Addenda, as per the official statement, is capitalizing on XA Group’s advanced automotive repair and insurance solutions to facilitate, centralize and manage all communities between insurers during the recovery process of motor claims. XA Group wants to further enhance Addenda by integrating existing products into the platform and enabling seamless communications.
The blockchain solution will manage all the key touchpoints in the motor claims ecosystem, bringing together insurers, brokers, repairers, and customers. Addenda gives a live and shared view of policy data and documentation among insurers. It provides visibility into the approval and reconciliation process that takes place during recovery claims.