Islamic Insurtech Conceptual Framework: A Proposal
DOI:
https://doi.org/10.12928/ijiefb.v4i2.2919Keywords:
Fintech, Insurtech, Islamic Finance, Islamic Insurtech, TakafulAbstract
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
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