Braxtone’s insurance platform graduates from CBB regulatory sandbox

By Edil Corneille

Braxtone Corporate Services, a subsidiary of Braxtone Group, announced the official graduation of its Motor Claims Recovery Platform ‘TASWEYA’ from the Regulatory Sandbox of the Central Bank of Bahrain (CBB).

TASWEYA provides insurance companies with a market-wide centralised platform to manage documents and exchange payable and receivable motor claims against each other. It also offers auto-reconciliation of statements of accounts.

The insurance companies can update claims, track and approve outstanding claims and close settled claims with a click of a button.

Braxtone’s solutions in Bahrain and the UAE are said to have increased the productivity of insurers and insurance market practitioners. They have paved the roadmap for Braxtone to establish its presence in all GCC countries before expanding globally. Braxtone is looking to first test its platform in Bahrain and then roll it out across the region.

Dalal Buhejji, Director – Business Development, Financial Services at Bahrain Economic Development Board enunciated, “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.

“The 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…”

Ayman Al Ajmi, CEO of Braxtone Group enthused, “We are pleased that TASWEYA has completed the graduation requirements of the CBB Regulatory Sandbox and we are thankful H. E. the Governor and to the management and the team of the FinTech division of the CBB.”

“The support and encouragement we had from the EDB was the main reason for selecting the Kingdom of Bahrain as the place to launch this solution. We are working in the UAE market since 2017 and providing services to over eighteen insurance companies in the UAE market, however 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.”

Al Ajmi also extended his thanks to t’azur Company and Solidarity Bahrain for their assistance during the testing phase of TASWEYA in the Regulatory Sandbox stage.

Vivek Sethia, Group CEO of Beyontec Solutions, the technology partner of Braxtone Group and software development provider for TASWEYA said, “We at Beyontec Solutions are happy to join forces with Braxtone to launch this important solution in Bahrain and would like to extend our thanks and appreciations to the FinTech division of the CBB and the EDB for their support and cooperation in sponsoring this solution and making it available for the Bahraini market.”