Five insurers are the first to adopt an integrated blockchain platform developed by the DIFC-based Addenda, an InsurTech startup firm that uses distributed ledger technology to streamline processes between insurers.
The insurers are: Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful and Oriental Insurance.
“When the DIFC set out to develop its comprehensive FinTech ecosystem, of which InsurTech is a key component, our mission was to establish a space where the world’s leading financial institutions could engage with innovative entrepreneurs developing cutting-edge technologies,” said DIFC Authority head of marketing and corporate communications Peyman Al Awadhi.
Since graduating from the second cohort of DIFC’s FinTech Hive accelerator programme in 2018 and subsequently receiving a licence to operate in the Centre, Addenda has made significant headway in the development of its game-changing InsurTech solution. This has been driven in part through partnerships the firm has secured while being part of the Centre’s dynamic community of over 24,000 professionals working across more than 2,100 firms.
“The accelerator programme last year was an acceleration towards achieving a pivotal product and gaining new flagship clients, many of which are in the insurance sector. Our relationship with DIFC provided a pathway to securing overall support from the region’s financial institutions. This is only the beginning of our insurance blockchain journey, and we look forward to achieving the next stage of success,” said Addenda COO Karim Davis Dib.
The significant push for the advancement of digital technology is part of the DIFC’s ongoing efforts to shape the future of finance in the Middle East, Africa and South Asia (MEASA), and to unlock the potential of FinTech and InsurTech in the region. InsurTech is a key focal point for the DIFC, with leading global firms, such as Charles Taylor InsurTech establishing a presence in the centre in the first half of 2019.
DIFC also continues to attract significant interest from promising start-ups in the field, with over 15% of applications received for the 2019 cohort of DIFC FinTech Hive’s accelerator programme coming from InsurTech firms. M