Potentials of Blockchain for Claim Management of Islamic Insurance (Takaful) Operators in Malaysia

Abstract

As a result of its rapid rate of change, the takaful industry is now one of the most exciting industries in the digital era. Emerging technologies and innovations are now a means of streamlining and simplifying the current system. Blockchain technology has also piqued the industry's interest in innovations that enhance how takaful is traditionally assembled, purchased, and experienced. Therefore, this paper aims to investigate the potential for implementing blockchain technology in claim processing in Malaysia's takaful industry, where innovation is believed to serve the takaful participants as the primary beneficiaries and the takaful operators to a greater height