First insurance platform graduates from Central Bank of Bahrain regulatory sandbox

The first insurance platform has graduated from the Regulatory Sandbox of the Central Bank of Bahrain, CBB.

Tasweya provides insurance companies with a centralised 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 seven hundred thousand motor insurance policies in Bahrain and insurance companies pay over $175m annually in insurance claim payments for motor accidents. With Tasweya, developed by Braxtone, insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button. Eliminating the manual processing of claims increases productivity and cuts costs.

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Dalal Buhejji, director of Business Development, Financial Services at Bahrain Economic Development Board, says Bahrain’s fintech ecosystem is the ideal launchpad for startups looking to disrupt legacy industries.

“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,” said Buhejji.

Braxtone provides solutions to the insurance industry that increase the productivity of insurers and insurance market practitioners.

“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,” said Ayman Al Ajmi, CEO of Braxtone Group.