B2B InsurTech, TASWEYA, to unlock millions for Bahrain insurance companies
The Motor Claims Recovery Platform “TASWEYA” offered by Braxtone Corporate Services, a subsidiary of Braxtone Group, has graduated from the Regulatory Sandbox of the Central Bank of Bahrain.
TASWEYA provides insurance companies with an easy to use and secure market-wide centralized platform to manage documents and exchange payable and receivable motor claims against each other. It also offers auto-reconciliation of statements of accounts.
According to Dalal Buhejji, Director for Business Development, Financial Services at Bahrain Economic Development Board, “Bahrain’s nimble and agile FinTech ecosystem is the ideal launch pad for startups looking to disrupt legacy industries with new cutting-edge solutions. 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 (InsurTech) sector, according to Buhejji, has 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.
“Entrepreneurs across the globe turn to the Kingdom for our focus on FinTech as well as initiatives like the CBB’s Regulatory Sandbox, which offers entrepreneurs the chance to test out smart solutions in a secure environment before going to market.
There are over 700,000 motor insurance policies in Bahrain and insurance companies pay over USD 175 million annually in insurance claim payments for motor accidents. The insurance companies can now update claims, track and approve outstanding claims and close settled claims with a click of a button, making the B2B platform, TASWEYA, faster and more efficient, increasing productivity and cutting costs.
Buhejji added, “We are pleased to see Braxtone graduating from the scheme with its paperless TASWEYA platform, joining several other firms across industries who have successfully completed the programme.”
Braxtone Corporate Services now plans to expand its market reach and deploy products and leading InsurTech solutions in other countries in the Middle East region and beyond.