Addenda open to all MENA motor insurers for first six months
XA Group has launched Addenda, a B2B Insurtech blockchain-based subrogation solution that enables insurers to reconcile motor recovery receivables between each other. Claiming to be the first UAE blockchain-based, end-to-end digital solution, Addenda is capitalizing on XA Group’s advanced automotive repair and insurance solutions to facilitate, centralize and manage all communications between insurers during the recovery process of motor claims.
According to a statement from XA Group, Motor insurance recoveries between UAE insurers have posed a significant financial burden on the sector, and as a result has inspired a calling for innovative solutions to centralize and streamline the reconciliation process. XA Group's vision is to further develop and 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.
Mina Sahib, Group Director for 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. Decentralization 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.”
XA Group also announced that it is granting all MENA motor insurers open access to Addenda for the first six months of its launch in a bid to improve their financial position and help them overcome the challenge of motor recovery receivables. The insurers in attendance at the launch included Abu Dhabi National Insurance Company, Emirates Insurance Company, Yas Takaful, and Oriental Insurance Company who were among the first to adopt the digital solution and gain hands-on experience using it.
XA Group 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 extensive approval and reconciliation process that takes place during motor recovery claims.