Braxtone Corporate Services, a subsidiary of Braxtone Group, has graduated its Motor Claims Recovery Platform "Tasweya" from the regulatory sandbox of the Central Bank of Bahrain (CBB).
Tasweya 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.
The 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 insurance companies 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.
Ms Dalal Buhejji, director – Business Development, Financial Services at Bahrain Economic Development Board, 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.
“The sector witnessed a major resurgence in the third quarter following a slow start to the year, and it is encouraging to see companies like Braxtone using the Bahraini market as a testbed to scale regionally and beyond.”