Dubai: Five Major Insurers Adopt Blockchain-Based InsurTech Solution | BTCMANAGER
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According to a press release dated August 7, UAE-based InsurTech company Addenda is adding five more insurance companies to its customer portfolio. The firm hosts a platform that allows insurers to manage claims and other insurance processes via the blockchain.
Customer Portfolio Expanded
The firm is headquartered in the Dubai International Financial Center (DIFC) and has now reached a new milestone as five new companies have signed up for its platform. Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful, and Oriental Insurance have joined the Addenda platform and are now managing their claim processes with each other on the blockchain.
Addenda was founded in 2018 by Karim Davis Dib and Walid Daniel Dib as part of the DIFC’s FinTech Hive accelerator program and received a license to operate in the financial center.
Since then, Addenda has made significant progress in developing InsurTech solutions, with some thanks owed to the powerful network of DIFC who reslishes in over 24,000 professionals engaged with more than 2,100 firms.
The InsurTech sector is growing steeper than ever at an annual growth rate of around 16%. In 2018, the InsurTech market was valued at $533 million and is expected to reach over $1 billion in 3 years.
Insurance and Blockchain in Matrimony
Many insurance companies are understanding the essential role that blockchain may play in their growth process. Most of these companies are still facing slow and costly operating procedures, especially when it comes to claims.