The Central Bank of Bahrain (CBB) has approved the first insurance platform from its Regulatory Sandbox as part of its mission to promote FinTech innovations in the Kingdom.
The motor claim recovery platform developed by Braxtone Corporate Services, Tasweya provides insurance companies with an easy to use, secure and centralized system to manage documents, exchange payable and receivable motor claims against each other. It also offers auto-reconciliation of statements of accounts.
Currently, there are more than seven hundred thousand motor insurance policies in Bahrain and insurance companies pay about $175 million annually in terms of claim payments for motor accidents.
With the development of Tasweya, insurance firms can make their procedures of claims, tracking it and approving outstanding and settling it with a single click, it will eliminate manual processing, increase productivity, cut costs and also promote a paperless economy.
“Bahrain’s nimble and agile FinTech ecosystem is the ideal launchpad for startups looking to disrupt legacy industries with new cutting-edge solutions. The fintech sector witnessed a major resurgence in the third quarter following a slow start to the year and it is encouraging to see companies like Braxtone using the Bahraini market as a testbed to scale regionally and beyond.”
“We have selected Bahrain to deploy TASWEYA and this was mainly due to the extensive support and cooperation we received from the Economic Development Board and the Fintech division of the CBB,” said Ayman Al Ajmi, CEO of Braxtone Group.
Braxtone offers solutions to the insurance industry to increase the productivity of insurers and insurance market practitioners. The company now plans to widen its market reach and leading InsurTech solutions to other parts of the Middle East region and beyond.
CBB Regulatory Sandbox
The Central Bank of Bahrain launched the Regulatory Sandbox as part of its mission to develop digital financial services in the Kingdom. The initiative enables startups, FinTech companies and licensees to offer innovative banking and financial solutions, in addition to the issuance of crowdfunding regulations for both conventional and Sharia-compliant services.