Islamic Insurtech Conceptual Framework: A Proposal

Authors

  • Azrul Azlan Iskandar Mirza Universiti Sains Islam Malaysia
  • Nurul Aini Muhamed Universiti Sains Islam Malaysia
  • Aimi Fadzirul Kamarubahrin Universiti Sains Islam Malaysia

DOI:

https://doi.org/10.12928/ijiefb.v4i2.2919

Keywords:

Fintech, Insurtech, Islamic Finance, Islamic Insurtech, Takaful

Abstract

Introduction: Insurtech refers to the use of technology innovations designed to squeeze cost and maximize efficiency from the current insurance industry model. Insurtech is a combination of the word’s “insurance” and “technology,” inspired by the term fintech i.e. financial technology. Whilst insurance company already move forward, Islamic Insurtech seems not a popular terminology. It may not have unique characteristic from stakeholder’s perspective and therefore it may only be embedded in insurtech definition.

Purpose: This paper aims to explore the potential of having Islamic insurtech in the global market and analyze the opportunity to establish a conceptual framework for Islamic Insurtech.

Methodology: This study uses qualitative approach based on in-depth analyzing on literature, report and website propose subject of the study.

Findings: It is hoped that it will benefit the Islamic insurance or Takaful players to remain relevant in the global market.

Paper Type: General Review

Author Biographies

Azrul Azlan Iskandar Mirza, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat

Senior Lecturer

Nurul Aini Muhamed, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat

Associate Professor

Aimi Fadzirul Kamarubahrin, Universiti Sains Islam Malaysia

Faculty of Economics and Muamalat

Research Officer

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Published

2023-03-07

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