Although the takaful industry has grown rapidly especially in the Middle East and Southeast Asia, it is still not fully exploited and, in most markets, takaful is lagging behind conventional insurance.
With digital making strong inroads 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. Proper adoption of InsurTech and digital technology will allow takaful to increase product distribution and grow quickly in a cost-effective manner.
Malaysia is still the shining star for takaful with abounding potential. It is at this juncture that our sister publication Asia Insurance Review is organsing Takaful Rendezvous 2017 in Kuala Lumpur, Malaysia, at Mandarin Oriental on 20-21 September 2017, with the theme “Takaful 2.0: To Soar to Greater Heights – Making Takaful Better Fit for Purpose”.
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. It will also look at solutions to overcome the challenges and explore hidden avenues for growth to stay ahead of the competition.
Industry keynote address will be delivered by Mr Muhammad Fikri Mohamad Rawi, Chairman, Malaysian Takaful Association / CEO, Sun Life Malaysia Takaful Berhad, and special addresses by Sheikh Zubair Miah, In House Scholar, Cobalt Underwriting, UK; and Mr Zainudin Ishak, President & CEO / Non-Independent Executive Director, Malaysian Reinsurance Berhad, (Malaysian Re).
A Power Debate on Takaful Ver 2.0 involving CEOs and industry leaders will deliberate on Overcoming the key obstacles to further develop and strengthen the global takaful industry, price and preference; and competition among takaful players - What are the limits?
The Rendezvous has a distinguished speaker lineup including, Mr Wan Ahmad Najib Wan Ahmad Lotfi, Vice President & Head, Strategic Management and Shariah, Great Eastern Takaful Berhad and Ms Farzana Ismail, Head of Life Insurance and Family Takaful Consulting, Malaysia, Milliman.
The Rendezvous has ReMark as lead sponsor and Avicennia Capital and EY as sponsors. M