IDEAS home Printed from https://ideas.repec.org/h/wsi/wschap/9789811222313_0005.html
   My bibliography  Save this book chapter

Digitalized Takāful Claims Processing

In: BEYOND FINTECH Technology Applications for the Islamic Economy

Author

Listed:
  • Hazik Mohamed

Abstract

The takāful and insurance industry is an evolving process of safeguarding the assets of people from loss and uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and property. Insurance offers financial protection to both individuals and business, in the risks of a loss and as such, plays an essential role in mitigating risks through risk-sharing in uncertain but potentially injurious episodes. The risk landscape is continually evolving, and in order to keep up, the insurance industry needs to trace and provide customized insurance policies that can serve specific indemnity needs of the new economy. The insurers have to possess full understanding of every risk covered in their policies and when disaster hits, compensation and claims will be done in a timely and judicious manner.Latest developments in FinTech promises more efficiency and reduced costs causing significant shifts in the financial landscape, and the impending disruption in the insurance industry is inevitable. Blockchain today is something like where the Internet was in the 1990s — on the strategic interest of forward-looking companies, but still a while from extensive implementation. Therefore, the question for most insurance companies is not whether they will adopt blockchain, but rather, what to start with and how to test and prove the value proposition.In this chapter, we provide a strategic discourse on how blockchain can provide additional value to the insurance and takāful industries, understand the change in processes, issues that need to be overcome, and efficiency benefits, projected cost-saving, and risk management.

Suggested Citation

  • Hazik Mohamed, 2020. "Digitalized Takāful Claims Processing," World Scientific Book Chapters, in: BEYOND FINTECH Technology Applications for the Islamic Economy, chapter 5, pages 89-103, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789811222313_0005
    as

    Download full text from publisher

    File URL: https://www.worldscientific.com/doi/pdf/10.1142/9789811222313_0005
    Download Restriction: Ebook Access is available upon purchase.
    File URL: https://www.worldscientific.com/doi/abs/10.1142/9789811222313_0005
    Download Restriction: Ebook Access is available upon purchase.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item

    Keywords

    Ethics and Technology; Digital Transformation; Regional Development; Customer Behaviour; Evolution of FinTech; Global Landscape; Payments; Asset under Management; InsurTech; Investments; Cloud Computing; Big Data Analytics; Blockchain; Internet of Things (IoT); Robo Advisors; Artificial Intelligence; Machine Learning; Islamic Finance; Endowment; Intellectual Property; Fraud Detection; Risk Mitigation; Cost-Effective; Increased Productivity; Immutable; Know Your Client (KYC); Media Rights; Coordination ; Efficiency; Consensus-building; Agility; Scalability; Innovation; Cybersecurity; Collaboration; Venture Capital; Enterprise Solutions; Era of Digitization; Digital Ecosystem; Disruptive Models; Market Insights; Predictive Analytics; Insurance; Takaful; Capital Markets; Distributed Ledgers (DLT); Wealth Management; Islamic Markets; Sharing Economy; Trust Mechanism; Open Platforms; Web and Mobile; Cloud Computing; Trades and Settlements; Regulatory Controls; User Defined; Institutional Economics; Cryptocurrency (Tokens); Public Registries; Smart Contracts; Securities Clearing; Automation; Enforceability; Claims Processing;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wsi:wschap:9789811222313_0005. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tai Tone Lim (email available below). General contact details of provider: http://www.worldscientific.com/page/worldscibooks .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.