Abu Dhabi-based Addenda is leveraging blockchain know-how to attach insurance coverage firms (motor insurance coverage business) within the Center East to a trust-based community working on native Azure datacenters. The SaaS platform revealed by way of Microsoft Azure Market is altering the way in which insurers transact and work together, thereby slicing down claims reconciliation time from 6 months to 9 days.
“We wished to deploy a decentralized blockchain platform the place each single firm has a node. But it surely was going to value us an insane amount of cash,” says Walid Daniel Dib, CEO, Addenda.
The company utilized to Microsoft for its Startups program, which offered the technical assist, strategic recommendation, and credit score package deal essential to safe the launch section.
“We have been then capable of land our first shopper and investor, and it took off from there. We’ve now signed one of many greatest insurers within the Center East, bringing the entire variety of insurance coverage firms on the Addenda blockchain to 9,” acknowledged Dib.
The startup additionally took benefit of a lately established native Azure cloud datacenter to make sure the dimensions, reliability, compliance, and safety its software program as an answer (SaaS) required. Addenda teamed up with Microsoft for Startups once more to deploy the blockchain platform on Azure Market.
“Now, an insurance coverage firm merely clicks a couple of buttons on {the marketplace}, and Voila! They’re deployed and might reconcile with all different firms on the blockchain utilizing our portal,” explains Karim Davis Dib, COO, Addenda.
“Safety is paramount for an answer addressing an business processing ultra-sensitive knowledge,” stresses Harsh Ajmera, CTO, Addenda. “We don’t need anyone reaching out to the blocks, and we wanted one thing up and working 99 % of the time. Subsequently, we began utilizing personal Azure DNS zones. It’s working on the cloud, and no one can entry it,” he added.
In three months, the variety of claims processed by way of Addenda’s platform swelled from zero to 23 million dirhams (6 million USD) and is claimed to be rising exponentially. “There are about 1.6 billion dirhams (435 million USD) within the UAE caught within the restoration of motor insurance coverage claims,” says Walid Dib. The corporate goals to assist extra insurers in reclaiming that cash, with plans to cowl journey and healthcare markets, inside the nation, and overseas. It intends to deploy Azure AI and ML providers to detect fraudulent claims and profit its clients additional.
