UAE – 1st insurer to adopt blockchain
Friday, 10 27 2017, Category: Technology, Country: U.A.E
Takaful Emarat (“the Company”), the DFM-listed, Shariah-compliant Life and Health Takaful provider, has joined the global B3i initiative to pilot a new Blockchain platform for the insurance industry. In a bid to improve business efficiencies and digital security, Blockchain technology is actively being researched and adopted by multi sector businesses around the world with the support of governments and regulators.
This new technology has the potential to revolutionise the industry by significantly reducing administrative processes and improving efficiencies, whilst ensuring the highest security standards; through the use of sophisticated fraud prevention and cryptography protocols. This new technology has the potential to reduce processing times from 15 - 20 days to 1 - 2 days, which will help reduce overall back office business costs, help towards lowering premiums for customers, and in turn build retention and loyalty.
Market testing of the prototype begins October 2017 following the on-boarding process for all 38-member companies, which now spans Africa, Asia, Australia, Europe, the Americas, the Middle East and the Caribbean.
The member companies will provide feedback based upon their experiences using the platform, thereby contributing to the development of a viable production platform for the insurance and re-insurance industry by the second half of 2018. B3i will also embark on developing and prototyping more advanced models in 2018 for the purpose of market adoption.
Source: Al Bawaba