Addenda is a B2B InsurTech that is on a mission to digitize motor insurance recovery by bringing a consortium of insurance companies onto the blockchain. The company provides a blockchain-powered motor recovery platform, which allows for a frictionless motor insurance recovery interface. With Addenda, insurers can reconcile outstanding motor insurance payments between each other at a fraction of the cost and time it takes today.
- Strong team combining deep insurance domain knowledge with blockchain expertise;
- Solid traction with 8 of the UAE’s top insurers transacting through Addenda’s blockchain network today;
- AED 8 billion total addressable market in the UAE only;
- B2B Business Model;
- AED 6 million transacted on-chain in first 2 months.
Recovery is when your insurance company pursues another insurer after their client hits your car in an accident. This is done in order to recover the amount paid by your insurer to repair the car.
The current recovery process is:
Addenda minimizes the back-and-forth interaction needed to confirm the authenticity of recovery documentation, thereby dramatically reducing the time needed for claim resolution. Through a blockchain insurance recovery consortium Addenda can:
Deep Dive: UAE Motor Insurance in 2017
Our cost is less than what it costs to courier their recovery claims to at fault insurers.
Participants on our network are charged 25 AED per claim.
Today, 7 of the UAE’s top insurers are transacting through Addenda’s blockchain network.
Competitive Landscape Mapping
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