With digital making strong in-roads 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.