Addenda Technologies LTD

B2B motor insurance claim recovery blockchain settlement layer

Addenda allows for a frictionless motor insurance claim recovery interface using the Hyperledger Fabric blockchain. The Addenda blockchain is a B2B consortium of insurance companies that assists insurers resolve outstanding subrogation (i.e.: recovery) claims against other insurers in a timelier manner. By using a common ledger, insurance companies will be able to minimize the back-and-forth interaction needed to confirm the authenticity of recovery documentation, thereby reducing the time needed for claim resolution. Immediate benefits: 1) Reduce overhead/FTEs required to handle recovery claims by at least 30% 2) Significantly improve cash collection and turnaround times 3) Reduce claim response time from an average of 4-7 days to minutes 4) Reduce paper printed for recovery claims by 100%
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