Bahrain: First insurance platform launched following regulatory sandbox trial
Source: Middle East Insurance Review | Jan 2021
The motor claims recovery platform from Braxtone Corporate Services, a subsidiary of Braxtone Group, has graduated from the regulatory sandbox of the Central Bank of Bahrain.
Called ‘Tasweya’, it is the first insurance platform to be incubated in the regulatory sandbox. It provides insurance companies with an easy-to-use and secure market-wide centralised platform to manage documents and exchange payable and receivable motor claims against each other. It also offers auto-reconciliation of statements of accounts.
Insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button. There are over 700,000 motor insurance policies in Bahrain and insurers pay over $175m annually in insurance claim payments for motor accidents.
Braxtone is looking to first test its platform in Bahrain and then roll it out to the region.
Bahrain Economic Development Board director – business development, financial services Dalal Buhejji said, “Following the rise of PropTech, EduTech and HealthTech, InsurTech will be the one to watch as consumers and corporations alike turn away from physical documents towards digital alternatives.” M