You've got Questions.
We've got Blockchain.
Addenda is a UAE-based startup bringing trust to insurance industry, one block at a time.
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Does your insurance bottleneck really need blockchain?
6.12.2018 06:36You've got Questions.
AT A GLANCE
Addenda uses distributed ledger technology (DLT) to streamline processes between insurance companies. Tailored tasks are reported in real-time on our user friendly interface, and then timestamped as evidence onto the blockchain. This allows insurers to report claim and policy changes in a completely verifiable and encrypted manner.
HEALTH INSURANCE
Distributed governance tool to track and log insurance claims as they are filed in hospitals.
LIFE INSURANCE
Decentralized policy applicant screening and validation tool.
MOTOR INSURANCE
Streamlined and automated recovery between insurers on-chain.
HOW IT WORKS
Each block contains a timestamp and a cryptographic hash of the previous block, leading to an up-to-date chain of records distributed to all participants.
Insurance company joins network as a node
Existing systems
connect with Addenda at specified data points
Data input validated for coherence and logged on-chain
Analyze provably
authentic and dynamic
data
HOW IT WORKS
Each block contains a timestamp and a cryptographic hash of the previous block, leading to an up-to-date chain of records distributed to all participants.
EVOLVING INSURANCE WITH BLOCKCHAIN
Many insurers are considering using Blockchain as part of their operations to effectively manage, share, collaborate and reduce costs that result from duplicate information across the ecosystem.
This report illuminates how Blockchain technology can be used within the UAE’s domestic insurance ecosystem to improve efficiencies, reduce costs, and improve the insurance experience across the industry’s value chain.
