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XA Group, an all-inclusive technology-driven automotive solutions provider has floated Addenda – a blockchain-based solution for insurers according to local media reports.
On the back of XA Group’s automotive repair and insurance solutions, Addenda will facilitate, centralize and manage communications during the reconciliation process.
As a leader in automotive aftermarket services, XA Group also plans to integrate existing product offerings into the blockchain platform. This makes Addenda a one-stop shop for all players in the motor claims ecosystem. It will provide its service to insurers, brokers, repairers, and customers.
With Addenda, the first “made in the UAE” blockchain-based digital solution, insurers can now communicate seamlessly allowing for an effective and efficient reconciliation process.
Before now, the reconciliation process has been paper-based and heavily decentralized resulting in a huge financial burden for insurers. This method makes it difficult for insurance companies to ascertain the reasons behind outstanding claims and therefore unable to reconcile their financials with other insurers.
The new solution solves a decade-old industry challenge as motor insurance recoveries have always proved to be a significant financial burden on the industry.
According to XA Group, Addenda will be accessible to all MENA motor insurers for the first six months to help solve the bottlenecks involved in motor recovery receivables. The solutions will also help the insurers improve their financial position.
Several leading insurers in UAE including Emirates Insurance Company, Oriental Insurance Company, and Yas Takaful have all adopted Addenda. The acceptance by these industry heavyweights is a testament to the sector’s quest for transparency and digitalization.
Summarily, Addenda using distributed ledger technology allows insurers to automate claims, save cost and detect fraud. The partnership also aligns with the government’s plan to digitize the economy.
Dubai positions itself as a digital hub
Dubai has continued to lead the race in digitalization in pursuit of digital economic advancement. The emirate city is already home to several crypto firms including the likes of Binance, OKX, and others. Binance recently secured a Minimal Viable Product (MVP) from the Dubai regulator.
Also, the most populous city in the UAE is eyeing an entry into the metaverse. The city’s crown prince launched the Dubai Metaverse Strategy designed to provide a soft landing to crypto and metaverse-linked companies. The city’s top regulator, the Virtual Asset Regulatory Authority (VARA) has also acquired land in the Sandbox metaverse.
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