Abu Dhabi National Insurance Company (ADNIC) has tapped Addenda Technologies, a blockchain firm for the insurance industry, to accelerate the motor claims recovery process.

Addenda is a participant of the DIFC FinTech Hive accelerator programme.

Through the partnership with the insurtech, ADNIC unveiled a blockchain-based motor recovery solution. The solution is said to facilitate claims settlement at reduced cost and time compared to the manual method.

ADNIC CEO Ahmad Idris said: “We are proud to participate in the FinTech Hive Accelerator Programme to mentor a DIFC based start-up and introduce a solution that will enhance motor recovery processes across the industry.

“The solution will boost efficiency and customer satisfaction, as we enhance our role as the consumer’s trusted insurance partner.”

Emirates Insurance Company and AXA Insurance are also backing the initiative. The duo will collaborate with ADNIC for trialling the solution.

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By GlobalData

Emirates Insurance Company CEO Jason Light said: “At Emirates Insurance we have been working hard on our digital transformation and are excited to participate in a pilot programme with our colleagues and neighbours at ADNIC as part of the next phase of that digital journey.

“The opportunity to leverage new technologies and partner with other high quality organisations is a chance to raise standards across the whole UAE market.”