Accelerator
Accelerator
The existing process for insurers to reconcile and collect claims is highly manual, people intensive, and prone to error. Addenda aims to address this problem through its blockchain enabled platform that helps insurers digitally communicate and exchange information relating to claims resulting in reduced propensity of fraud, reduced volume of disputes, and ultimately optimized performance of the claims department.
from UAE
In March of 2018, the Addenda brothers decided that they no longer wished to work in their jobs and began hatching a plan to start their own business. Their obsession with decentralization and blockchain, along with their experience in the insurance sector, led them to the concept of Addenda.
What started out as a casual after-hours exercise soon snowballed into drafting business plans, arguing over financial calculations, and setting timelines they knew they could not meet. The five-man team recently signed seven top UAE insurers onto their blockchain, and are about to close their seed funding round.
I could go on and on about the help that MBRIF has done to our fledgling startup in digitizing the region’s insurance ecosystem, but actions speak louder than words: we only launched our live blockchain platform – the first of its kind in the Middle East – in October 2019, and we’ve already reconciled AED 30,000,000+ between insurance companies. During that time, The MBRIF team was with us both in person and over the phone in the afterhours consulting us throughout our launch.
We walked into MBRIF as 3 guys with a bunch of concepts and they helped us with laser focused lenses to make us exactly understand what our unique value proposition was. This helped us raise funds at a suitable valuation we calculated together, and go from zero to nine clients in a very short period of time. I can happily say we are much more mature as a company and as people thanks to the team at MBRIF. MBRIF in my opinion is probably one of the best Accelerator programs in the UAE.
