AI- BASED PARAMETRIC SOLUTIONS TO STOKE INNOVATIONS IN TAKAFUL INDUSTRY

TEXT: Digital transformation in the financial service industry is a strategic imperative that everyone competing in the industry understands and, in the quest to achieve market leadership, financial institutions continue to focus on becoming holistically digital, customer facing enterprises.

In order to focus on innovative ways of service delivery that are aligned with the expectations of today’s tech-savvy and convenience-driven customers, Securities and Exchange Commission of Pakistan (SECP) launched the second cohort of its Regulatory Sandbox.

Regulatory Sandbox refers to a framework where FinTech and other companies are allowed to experiment innovations in a regulated, supervised and a more relaxed environment for a specific period of time. The launch of second cohort of this Sandbox paved way for innovation-driven and technologically-enabled solutions and processes for companies like Salaam Takaful Limited.

Under the second cohort of Regulatory Sandbox launched by SECP, Salaam Takaful Limited, for the very first time has introduced and implementing the parametric solutions; radically changing the way financial institutions, business systems, and particularly takaful/insurance operators work, to resolve complex challenges. The parametric solution will use geospatial data and satellite visuals to assess the damage and prioritize claims.

With the launch of this innovative solution, Salaam Takaful Limited is leveraging the support extended to the FinTech firms by the government by promising to create exciting new possibilities for this industry. The organization understands the value of automation by identifying key processes to shorten cycle times, enhance customer expectations, increase employee satisfaction, and improve data integrity to create better outcomes in the overall claims handling process.

The first Islamic Insurtech in Pakistan, Salaam Takaful Limited, deems hopeful that the parametric solutions will not only support faster claim processing but reduce labor time and error and make the entire process seamless for both ends. Salaam Takaful is poised to emerge as an innovation hub, providing convenient and digitally-enabled coverages for customers not only in Pakistan but across the globe.

Copyright Business Recorder, 2021