Traditionally, insurance has always been a complex industry where sensitive information is “funneled” through entities that are otherwise isolated silos. Using a blockchain solution allows those entities to share permissioned data automatically with relevant parties.
Why 
?
Data is encrypted locally before it is logged on the blockchain
Easy to integrate with existing claims handling systems
Reduce claim
management costs
Automate the identification of insurance fraud
How it works
is built on Hyperledger Fabric and 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 users to report claim movements in a completely encrypted manner.
Frequently Asked Questions
Short answer: no.
Long answer: We consider many of ICOs to be vaporware and yet ICOs without a product are valued at an insane cost. We do not believe in raising funds that way - there is no Addenda token.
We are implementing Addenda on a distributed and open-source ledger technology called Hyperledger Fabric.
Click here for more information about Hyperledger Fabric.
Issues arise in an insurance claim’s lifespan due to poor claim administration, miscommunication and internal or external fraud.
Although technological milestones have alleviated many inconveniences in insurance, 3-4% of all claims are still considered to be fraudulent, according to a report by the Reinsurance Group of America.
In fact, according to the FBI, non-health insurance fraud alone costs American insurance companies more than USD 40 billion per year.
Hyperledger is a permission system by nature (i.e.: all parties know each other as opposed to the anonymity of Bitcoin or Ethereumblockchains).
Identity management is designed without compromising transactional privacy of information. Click here for more information on transactional privacy.
This is a very important point. It is our priority to ensure that the data of insurers - and by proxy, policyholders - is kept completely safe.
To do this, we ensure that all submitted data is encrypted via a SHA-256 algorithm locally on the Addenda users' computer. Only the hash (encryption) of data submitted is ever logged on the blockchain.
Meet the people behind
Walid and Karim Dib both shared an obsession with pushing technological systems to their limits ever since their days as teenagers playing online games.
Although he is a certified insurance loss adjuster, Walid has dedicated most of his free time since 2012 to learning about decentralized technologies. Shortly afterwards, he began writing about cryptocurrency for Cointelegraph and Bitcoin Magazine.
An industrial engineer by profession, Karim started his career as a facility manager for prestigious clients such as Qatar’s royal equestrian foundation. Using his engineering knowledge, he soon found himself working as the head of operations for TMS, a traffic management startup in Qatar.
Today, the two are working with their small team on utilizing blockchain technology as a means to create an immutable audit trail for complex insurance systems.
Get in touch
Walid Daniel Dib
Project Lead and Co-founder
Karim Davis Dib
Operations Lead and Co-founder
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