Blockchain solutions in motor insurance recovery are the latest offering in the region
Dubai, UAE – XA Group (XA), the region’s trusted provider of technologically advanced automotive repair solutions, has acquired the recovery software services of Addenda Technologies, a blockchain technology start-up and DIFC FinTech Hive member, to bring new innovation to the claims process in order to rejuvenate the region’s motor claims recovery process. The acquisition will offer digitized motor claims recovery and optimized digital solutions for automotive claims to the MENA market for the first time.
XA is an all-inclusive technology-driven solution provider for the automotive repair industry that provides exceptional services and smart tools purposefully engineered to accelerate efficiency. Through this acquisition of Addenda Technologies’ blockchain software, customers will soon benefit from faster approvals from counterparty insurance companies, while allowing them to become a part of an ecosystem that will set a new standard of excellence for the region’s automotive repair and claims ecosystem.
Addenda leverages distributed ledger technology to restore trust in the insurance sector by creating an end-to-end insurance settlement layer on the blockchain utilizing Hyperledger Fabric, which allows insurers to automate claims, save costs, and detect fraud. This new deal advances XA Group’s mission of rapid digital transformation by adding new feathers to its cap, such as Blockchain, AI, and IoT.
“Addenda’s achievements in the industry thus far are a true testament to how far we have come. We believe XA has the necessary industry experience and insight to continue disrupting the regional auto service sector. This new agreement represents yet another step forward in our journey. We are pleased to present a solution that will improve motor recovery processes across the board.” said Walid Daniel Dib, CEO of Hala / Addenda Labs.
“XA wants to drive digitalization in the automotive repair industry in order to become the leading light of innovation in the automotive service sector. We are excited to embark on this journey with Addenda for our regional market and are confident that this solution will provide value to our customers and partners in the Middle East,” said Ben Barber – Managing Director at XAGroup. “This acquirement represents a clear opportunity to protect consumers and use new technology while also bringing on other high-quality organizations from across the Middle East. It also aligns with the government’s goal of digitizing the economy.”
XA Group is on a quest to disrupt the automotive sector with the intention of providing value, convenience, and savings to individuals and businesses across the region. The acquiring of Addenda Technologies is yet another step towards a more interconnected automotive world that thrives on speed, consistency, and transparency at every touchpoint.