Tasweya, a new platform from Braxtone Group subsidiary Braxtone Corporate Services, has become the first insurance platform to graduate from Central Bank of Bahrain’s Regulatory Sandbox.
Tasweya aims to establish itself as the go-to centralized destination for insurance companies when it comes to managing data and exchanging payable and receivable motor claims against one another. Besides that, the platform also provides auto-reconciliation of account statements.
For perspective, there are more than 700.000 motor insurance policies currently active in Bahrain. Overall, insurance companies in the country spend somewhere around $175 million for reimbursements against valid insurance claims involving vehicle accidents. Braxtons’s new platform, already deployed in Bahrain and the UAE, has significantly enhanced the way insurance companies and insurers deal with each other.
“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,” said Dalal Buhejji, Director – Business Development, Financial Services at Bahrain Economic Development Board.
Braxtone Corporate Services now plans on expanding Tasweya’s reach to new markets in the GCC while simultaneously deploying new products to spearhead innovations in the InsurTech sector.