UAE’s XA Group rolls out blockchain-based solution to end impasse over claims recovery

XA Group, a UAE-based global provider of automotive aftermarket services has unveiled Addenda, the first ‘Made in the UAE’, blockchain-based solution. It enables insurers to reconcile motor recovery receivables between each other.

During a launch event held in Abu Dhabi under the presence of Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful and Oriental Insurance Company, XA Group announced that it is granting all MENA motor insurers open access to Addenda for the first six months. The insurers in attendance were among the first to adopt the digital solution and gain hands-on experience using it.

Originally a blockchain technology startup and a DIFC FinTech Hive member, Addenda is capitalising on XA Group’s automotive repair and insurance solutions to facilitate, centralise and manage communications between insurers during the recovery process of motor claims.

XA Group’s vision is to further enhance Addenda by integrating existing products into the platform and enabling seamless communications. Addenda aims to manage all the key touchpoints in the motor claims eco-system, bringing together insurers, brokers, repairers and customers.

The company has also included an Arabic version of Addenda to support those regional insurers whose business language is primarily Arabic.

Addenda offers a live and shared view of policy data and documentation among insurers, providing visibility into the approval and reconciliation process that takes place during recovery claims.

Mina Sahib, group director MENA at XA Group, said: “We understand the challenges insurers face and the major financial burden posed on them due to the heavily decentralised and paper-based nature of the reconciliation process. Decentralisation often means insurance companies are unable to fully identify the reasons behind outstanding claims and therefore, they are not able to reconcile their financials with other insurers.”

Read: HSBC executes first blockchain transaction for Middle East’s automotive sector