Beema, a new-age insurance provider, will soon be integrating Blockchain into its business solutions. Backed by AXA, Enoc and BCG Digital Ventures, Beema launched in 2019, as the first pay-as-you go insurance in UAE. Beema brings to market innovative, pay-per-kilometer car insurance. It currently provides customers with market-leading coverage, giving up to 25% cashback based on distance driven.
Beema’s mission is to drive change and improve the way the insurance industry is functioning. Apart from disrupting the market with this new type of car insurance, the company’s other significant mission is to always remain transparent in its communication with customers whilst providing impeccable service.
Beema is constantly streamlining its processes to meet the demands of digitally savvy customers. The company is always looking at ways to provide more value by incentivizing and offering customers more customised contracts at lower premiums. However, it also faces several industry challenges relating to complex compliance issues, fraudulent claims activity, third party payment transactions and handling huge amounts of data.
Blockchains ability to provide complete accountability, transparency and better security were just some of Beema’s reasons to invest in the technology. Beema’s expectation is to save time and money, as well as improve customer satisfaction and remain ahead of the competition. This has inspired the development of BeemaCoin.
Blockchain technology will ensure Beema’s systems are more secure, eliminating suspicious transactions. All parties can share data and verify its authenticity without revealing sensitive information. The Blockchain will effectively manage large amounts of data, making risk assessments more accurate and streamline processes. It will also help reduce administrative costs through automated verification of data from third parties.
Finally, by offering BeemaCoin, the company will be able to connect real-time information from multiple systems. No party can unfairly control or manipulate the data to their own advantage. Its execution is only triggered once it receives verifiable data. This will ensure claims are more fairly paid out and will assist in achieving Beema’s mission of providing the customer with a better end-user experience.