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5 insurance firms sign up on DIFC-based blockchain platform

By Wam

Five major regional insurance companies have signed on to Addenda's integrated blockchin platform.

Based at Dubai International Financial Centre, DIFC, Addenda is an InsurTech firm that uses distributed ledger technology to streamline processes between insurance companies.

With the global InsurTech market revenue valued at US$533 million in 2018 and expected to reach over $1 billion by 2023, numerous UAE and Middle East-based insurance firms are recognising the potential of this fast-growing sector.

Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful and Oriental Insurance are the first companies to adopt Addenda’s technology, demonstrating the first use-case for a blockchain transaction in the regional insurance industry.

Peyman Al Awadhi, Head of Marketing and Corporate Communications at the DIFC Authority, said, "When the DIFC set out to develop its comprehensive FinTech ecosystem, of which InsurTech is a key component, our mission was to establish a space where the world’s leading financial institutions could engage with innovative entrepreneurs developing cutting-edge technologies."

For his part, Addenda COO of Addenda Karim Davis Dib, said, "Our relationship with the DIFC provided a pathway to securing overall support from the region's financial institutions. This is only the beginning of our insurance blockchain journey, and we look forward to achieving the next stage of success."

The significant push for the advancement of digital technology is part of the DIFC’s ongoing efforts to shape the future of finance in MEASA, and to unlock the potential of FinTech and InsurTech in the region.