UAE National Takaful Company first to use blockchain for motor claims
The National Takaful Company, Watania, earlier this month announced positive financial results for 2019, as the company’s net profit increased to AED13.1 million, compared to AED9.4 million in 2018. On announcing the results Dr. Ali Saeed bin Harmal Al Dhaheri, Chairman of the Board of Directors of the National Takaful Company, stated that the company has launched and implemented many new initiatives in 2019 to boost its overall performance. He mentioned the new digital platform that was launched that allows one of the fastest quotations and policy issuance systems for the motor business in the UAE market. he added as well that the company was among the first in UAE to subscribe to blockchain technology to manage the recovery process for motor claims from other insurance companies, bringing down the time and material involved in processing such transactions. Takaful was among five other insurance companies who worked with UAE Blockchain Insurtech startup Addenda.
Dr. Dhaheri said that Watania has a simple “back to basic” approach to differentiate itself from the market. In fact, a policyholder can expect Watania to attend to his/her requirements professionally and provide a competitive solution. When it is time to claim, the policyholder can expect Watania to be attentive and understanding and settle as quickly as possible without any hassle. Moreover, Watania assures its shareholders of generating a return on their equity that can be compared with the leaders in the market. Finally, Watania provides its employees with a productive work environment where they can grow and fulfil their professional aspirations.
Dr. Dhaheri said in conclusion, “Our view of the market has shifted dramatically due to the worldwide impact of the coronavirus. The usual challenges of liquidity and managing receivables do not seem as critical as the overall recovery of the global economy. The UAE has been at the forefront of taking aggressive steps to control the spread of the virus. However, shutting down of businesses will take a toll on the economy. he added, “we are confident that once the growth of the virus is brought under control and businesses start to get back to normal, we will be in a good position to seize the advantage.”