With digital making strong in-roads into traditional insurance, even takaful has to rethink its business and operating models in the era of disruptive innovation. It cannot be business as usual with the 4th Industrial Revolution upon us.
Takaful players must seize this opportunity to review and even reinvent the business model and grow exponentially to attract tech-savvy Millennials and Centennials who will make up 60% of world population by 2020. Can Takaful rise to this challenge and seize the day? It is all about innovation to get the best product fit for the consumer keeping the core principles intact and getting dynamic about distribution to bring the product to the consumer. Using technology and InsurTech can be the key.
Although the Takaful industry has grown rapidly especially in the Middle East and South East Asia, it is still not fully exploited and in most markets, Takaful is still lagging behind conventional insurance. Proper adoption of InsurTech and digital technology will allow Takaful to increase product distribution and grow quickly in a cost-effective manner.
The theme for Takaful Rendezvous 2017 “Takaful 2.0: To Soar to Greater Heights – Making Takaful Better Fit for Purpose”, will look at focused solutions to overcome the challenges and explore hidden avenues for growth to stay ahead of the competition. The Rendezvous will bring together leading Takaful players from around the world, including regulators, insurers, reinsurers, retakaful operators, shariah scholars, brokers, consultants, Islamic banks and service providers to discuss how to break the current limitations and respond to the speed of the new digital era.