Open AccessIslamic Insurtech Conceptual Framework: A Proposal
Author(s) -
Azrul Azlan Iskandar Mirza,
Nurul Aini Muhamed,
Aimi Fadzirul Kamarubahrin
Publication year - 2022
Publication title -
ihtifaz
Language(s) - English
Resource type - Journals
eISSN - 2622-4798
pISSN - 2622-4755
DOI - 10.12928/ijiefb.v4i2.2919
Subject(s) - islam , terminology , perspective (graphical) , conceptual framework , stakeholder , financial services , term (time) , business , computer science , actuarial science , economics , finance , sociology , management , artificial intelligence , social science , philosophy , linguistics , physics , theology , quantum mechanics
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