MANAMA: The newest graduate of the regulatory sandbox promises to unlock “millions in savings for Bahrain-based insurance companies”.
Braxtone Corporate Services, a subsidiary of the UAE’s Braxtone Group, yesterday announced the graduation of its motor claims recovery platform ‘Tasweya’ from the Central Bank of Bahrain (CBB) testbed.
Tasweya provides insurance companies with a market-wide centralised platform to manage documents and exchange payable and receivable motor claims against each other.
It also offers auto-reconciliation of statements of accounts.
There are more than 700,000 motor insurance policies in Bahrain and insurance companies pay in excess of $175 million annually in insurance claim payments for motor accidents.
Braxtone says its B2B platform enables insurance companies to update claims, track and approve outstanding claims and close settled claims at a click of a button, much faster and more efficiently than manual processing of claims, thereby increasing productivity and cutting costs.
The company said it chose Bahrain to launch the solution due to the country’s nimble and agile fintech ecosystem driven by the Economic Development Board (EDB) and the Central Bank of Bahrain (CBB).
“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 co-operation we received from the EDB and the fintech division of the CBB,” said Braxtone Group chief executive Ayman Al Ajmi.
He also thanked t’azur Company and Solidarity Bahrain – the two insurance companies who volunteered to assist during the testing of Tasweya in the regulatory sandbox.
Starting in Bahrain, Braxtone would look to establish a presence in all GCC countries before expanding around the world, said Mr Al Ajmi.
According to the EDB’s financial services business development director Dalal Buhejji, ‘InsurTech’ is primed for growth 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 test bed to scale regionally and beyond,” she added.
“We are pleased to see Braxtone graduating from the scheme with its paperless Tasweya platform, joining several other firms across industries who have successfully completed the programme.”
Inviting start-ups looking to disrupt legacy industries with new cutting-edge solutions to consider Bahrain, Ms Buhejji said the sandbox is a key differentiator as it offers entrepreneurs the chance to test out smart solutions in a secure environment before going to market.
Tasweya’s technology partner and software development provider was Beyontec Solutions Group.
avinash@gdn.com.bh
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