Tasweya insurance platform has graduated from the regulatory Sandbox of the Central Bank of Bahrain
UAE Braxtone Corporate Services, a subsidiary of Braxtone Group, which offers insurance services in the region, officially graduated their Motor Claims Recovery Platform “TASWEYA” from the Regulatory Sandbox of the Central Bank of Bahrain, CBB. TASWEYA, built using Distributed Ledger Technology, provides insurance companies with an easy to use and secure market-wide centralized 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 over seven hundred thousand motor insurance policies in Bahrain and insurance companies pay over USD 175 million annually in insurance claim payments for motor accidents. The insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button. This means that the B2B platform is faster and more efficient than manually processing claims, increasing productivity and cutting costs.
Braxtone’s solutions in Bahrain and the UAE have significantly contributed to improving the way insurers and insurance service providers do business. Such solutions have increased the productivity of insurers and insurance market practitioners, and have paved the roadmap for Braxtone to establish presence in all GCC countries before expanding around the world - Braxtone is looking to first test its platform in Bahrain and then roll it out to the region.
Dalal Buhejji, Director – Business Development, Financial Services at Bahrain Economic Development Board, said: “Bahrain’s nimble and agile FinTech ecosystem is the ideal launch pad for startups looking to disrupt legacy industries with new cutting-edge solutions. Following the rise of PropTech, EduTech and HealthTech, InsurTech will be the one to watch 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 testbed to scale regionally and beyond.
“Entrepreneurs across the globe turn to the Kingdom for our focus on FinTech as well as initiatives like the CBB’s Regulatory Sandbox, which offers entrepreneurs the chance to test out smart solutions in a secure environment before going to market.
“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.”
From his side Mr. Ayman Al Ajmi, CEO of Braxtone Group said “We are pleased that TASWEYA has completed the graduation requirements of the CBB Regulatory Sandbox and we are thankful H. E. the Governor and to the management and the team of the FinTech division of the CBB”. Mr. Al Ajmi also said “The support and encouragement we had from the EDB was the main reason for selecting the Kingdom of Bahrain as the place to launch this solution. We are working in the UAE market since 2017 and providing services to over eighteen insurance companies in the UAE market, however we have selected Bahrain to deploy TASWEYA and this was mainly due to the extensive support and cooperation we received from the EDB and the Fintech division of the CBB”. Mr. Al Ajmi also extended his thank to the management and staff of the two insurance companies who volunteered to assist during the testing phase of TASWEYA in the Regulatory Sandbox stage which are t’azur Company and Solidarity Bahrain.
Al Ajmi told UNLOCK, " Tasweya service which uses DLT is set to save more than $4.5 million for insurers across the region."
Mr. Vivek Sethia, Group CEO of Beyontec Solutions, the technology partner of Braxtone Group and software development provider for TASWEYA said “We at Beyontec Solutions are happy to join forces with Braxtone to launch this important solution in Bahrain and would like to extend our thanks and appreciations to the FinTech division of the CBB and the EDB for their support and cooperation in sponsoring this solution and making it available for the Bahraini market.”
Braxtone Corporate Services now plans to expand its market reach and deploy products and leading InsurTech solutions in other countries in the Middle East region and beyond.