GIG partners with Addenda

Gulf Insurance Group (gig) has announced that it has partnered with blockchain technology start-up Addenda Technologies to streamline its motor recovery process, with a view to transform digitally.

gig is the first in Kuwait to use blockchain platform, which will allow for minimal business disruption in times of crisis as well as eliminating face-to-face meetings for motor claim handlers. gig plans to first launch this solution in Kuwait, followed by its other countries of operation.

Khaled M. Al Sanousi, group senior manager at gig said, “We are pleased to have partnered with Addenda and this collaboration constitutes yet another move in line with gig’s digital strategy. The solution will not only boost our efficiency in the motor recovery process, but will also ease the process for our clients who will experience a smoother and more efficient approach. It’s worth to mention that recently, gig has acquired a sizable stake in yallacompare, an insurance aggregator and one of the leading companies of its kind in the Middle East. The Group ensures to avail the best innovative solutions and technologies to benefit our valued stakeholders.”

Addenda offers a motor recovery solution through a secure blockchain network to allow insurance companies in the market to recover claims digitally, saving time and cost. This solution allows increased transparency, real time balances that would cut down the recovery settlement from months to few days.

Walid Dib, founder and CEO of Addenda added, “The ability to share data in real-time through a trusted digital layer is a game changer and will offer tremendous benefits to the Kuwait market. We’re happy to have gig as our first partner in this regard.”