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Tue 6 Aug 2019 02:40 PM

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InsurTech gains prominence in Dubai's DIFC

Addenda has added five new firms to its portfolio

InsurTech gains prominence in Dubai's DIFC
Peyman Al Awadhi, the head of marketing and corporate communications at DIFC authority

Five regional insurance players have signed up to InsurTech firm Addenda’s blockchain platform in what DIFC says is a sign of its growing prominence in the world of insurance technology.

“When DIFC set out to develop its comprehensive FinTech ecosystem, of which InsurTech is a key component, our mission was to establish a space where the world’s leading financial institutions could engage with innovative entrepreneurs developing cutting edge technologies,” said Peyman Al Awadhi, the head of marketing and corporate communications at DIFC authority.

Al Awadhi added that “Addenda’s latest achievement is a true testament to how this has come to life, and we look forward to supporting them as they continue to disrupt the way the regional insurance sector operates.”Addenda graduated from the second cohort of DIFC’s FinTech Hive Accelerator programme in 2018.

“We’re pleased to have started our journey as part of DIFC FinTech Hive,” said Addenda COO Karim Davis Dib. “The accelerator program last year was an acceleration towards achieving a pivotal product and gaining new flagship clients, many of which are in the insurance sector.

“Our relationship with DIFC provided a pathway to securing overall support from the region’s financial institutions,” Dib added. “This is only the beginning of our insurance blockchain journey, and we look forward to achieving the next stage of success.”

Among the companies that have adopted Addenda’s technology are Aman Insurance, Al Wathba Insurance, National Takaful Company (Watania), Noor Takaful and Oriental Insurance.

Around the world, global InsurTech market is estimated to be valued at $533 million and is expected to reach over $1 billion by 2023.

InsurTech remains a focus for DIFC, with a number of leading firms such as Charles Taylor InsurTech already having established a presence there. Additionally, more than 15 percent of the applications received for the 2019 cohort of DIFC FinTech Hive’s accelerator programme came from InsurTech firms.

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