The announcement comes as over 700,000 motor insurance policies in Bahrain and insurance companies pay more than $175 million annually in insurance claim payments for motor accidents. (Photo for illustrative purposes only)
A new motor claims recovery platform has graduated from the regulatory sandbox of Bahrain Central Bank which aims to establish new financial technology (FinTech) solutions in the kingdom.
Braxtone Corporate Services, a subsidiary of Braxtone Group, has announced the launch of Tasweya which provides insurance companies with a secure market-wide centralised platform to manage documents and exchange payable and receivable motor claims against each other.
The announcement comes as over 700,000 motor insurance policies in Bahrain and insurance companies pay more than $175 million annually in insurance claim payments for motor accidents.
The insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button.
Braxtone said this means that the B2B platform is faster and more efficient than manually processing claims, increasing productivity and cutting costs.
Braxtone added that it is looking to first test its platform in Bahrain and then roll it out to the Gulf region.
Dalal Buhejji, director – Business Development, Financial Services at Bahrain Economic Development Board, said: “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 sector 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.”
Ayman Al Ajmi, CEO of Braxtone Group, said: “We are working in the UAE market since 2017 and providing services to over 18 insurance companies in the UAE market, however we have selected Bahrain to deploy Tasweya and this was mainly due to the extensive support and cooperation we received from the EDB and the Fintech division of the CBB.”
Source: Arabian Business
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