Five insurers are the first to adopt an integrated blockchain platform developed by DIFC-based Addenda, an InsurTech startup firm that uses distributed ledger technology to streamline processes between insurance companies.
The insurers are: Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful and Oriental Insurance.
Peyman Al Awadhi, Head of Marketing and Corporate Communications at the DIFC Authority, said, "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."
Addenda COO, Karim Davis Dib, said, "Our relationship with the 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."
Mr Rajesh Sethi, CEO of Noor Takaful, said, “The new blockchain technology is a first for the region and will enable institutions in the MENA region to collaborate more efficiently, eliminate intermediaries and speed up claims. It also has the potential to solve legacy challenges and to become the blueprint for the digital insurance technology of the future.”
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.