Technology and InsurTech have changed the competitive landscape in insurance. The business models of both traditional and takaful insurance are being disrupted in every way.
This Takaful Rendezvous will look at the core values of Takaful and the need to get back to basics to keep that unique speciality of the lure of Takaful in today’s disrupted digital world. To keep in step with the needs of the day, Takaful needs to evolve and expand to cover new, emerging and special risks. There is also a need to leverage social media to spread the pull of Takaful and its social good concept – a business model that has brought Lemonade much success. The rise of Takaful InsurTech is another key new plus for the sector.
Hence we are bringing together Takaful operators from around the world to share experiences at this Rendezvous and to learn from the best and to unleash the full potential of Takaful with a Takaful InsurTech Exhibition too.
The Rendezvous will look at the strategic needs and priorities to rise above the current problems of Takaful operators struggling to differentiate themselves from their conventional counterparts. It will also look at the priority challenges of the day such as innovating new products, investing in adequate tech capabilities and channels, getting the talent needed, and the absence of an adequate reinsurance market. The Rendezvous in its quest to go back to basics will revisit the need for pro-active Shariah involvement, as well as stricter Shariah governance and leadership. Takaful operators must unleash the secrets of scale to achieve the full potential of Takaful and go in the way of risk covering and risk prevention while aligning themselves with the cultural beliefs of their customers.