To address the industry challenge of decades of engine recovery claim reconciliation, XA Group has launched the first blockchain-based ‘Made in the UAE’ end-to-end digital solution called Addenda, according to local media outlet Khaleej. Times.

The blockchain-powered solution has already been adopted by leading insurers in the United Arab Emirates (UAE), such as Oriental Insurance Company, Emirates Insurance Company, Yas Takaful, and Abu Dhabi National Insurance Company.

Therefore, this indicates the industry’s appetite for digitization and transparency. According to the announcement:

“The Addenda offers a shared, live view of policy data and documentation across insurers, providing visibility into the extensive approval and reconciliation process that takes place during auto recovery claims.”

XA Group is a global provider of automotive aftermarket services based in the UAE, and has gone the extra mile by introducing the Addenda in Arabic to support regional insurers whose language of operation is Arabic.

Mina Sahib, Insurance Business Director for MENA at XA Group, noted:

“We understand the challenges insurers face and the heavy financial burden placed on them due to the heavily decentralized and paper-based nature of the reconciliation process.”

She added:

“ Decentralization it often means that insurance companies cannot fully identify the reasons behind pending claims and therefore cannot reconcile their finances with other insurers.”

Addenda is a platform that makes communication and documentation seamless and paperless about auto claim recoveries between insurance companies, according to Sahib.

Paul McLeod, Chief Operating Officer of Emirates Insurance, stated:

“The exchange of recovery payments is a very big challenge for the industry. I think this is a small step for some of the leading firms in the industry to come together and start working as a group in a collaborative way.”

Meanwhile, Dubai seeks to provide creative solutions and improve people’s lives by positioning itself as the global capital of Web3, reported Blockchain.News.

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