Tasweya graduates from CBB sandbox
Braxtone Corporate Services, a subsidiary of Braxtone Group, has announced the official graduation of their motor claims recovery platform titled Tasweya from the regulatory sandbox of the Central Bank of Bahrain (CBB).
Tasweya 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 700,000 motor insurance policies in Bahrain and insurance companies pay over USD175 million annually in insurance claim payments for motor accidents. Insurance companies will have the ability to update claims, track and approve outstanding claims and close settled claims far more efficiently than manually processing claims, increasing productivity and cutting costs.
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.
“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.”
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 to the Governor and to the management and the team of the FinTech division of the CBB.
“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 18 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.”
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.”
