Business Benefits

Supports Takaful or Conventional insurance operations

The system is able to support both Takaful & Conventional General Insurance on the same installation while able to support separate General Ledger accounting entries for Takaful & Conventional General Insurance thereby eliminating the need to have multiple core insurance system to support diverse insurance operations. In addition, running on the same installation would facilitate TIA,  being a customer centric system, to provide a ‘complete customer view’ across the diverse Takaful/insurance operations, a capability which is becoming increasingly important to the insurance company in order to provide better customer service and customer retention.

A single core insurance system will be able to consolidate the Takaful and conventional transactions allowing the insurers to have a centralized and full profile information customer view across all products. This will be useful for insurers to cross sell and market their products to their customers for business expansion.

Moreover, from the insurer’s customer perspective, the insurer provides a more efficient customer service level because the insurer will be able to capture all of the customer’s interaction into a single view for servicing purposes. Customers do not need to repeat previous instances of communication to any of the service medium they go to.

Supports multiple Takaful Business model         

The TIA Takaful solution supports the various adopted Takaful business models; Wakalah, Mudharabah and Hybrid (Wakalah & Mudharabah) under a common information framework.

Leverage on strengths and best practices of the TIA Solution

By utilizing the existing TIA Solution platform to build the TIA Takaful, customers can also leverage on the TIA application’s strengths, strong platform and best practices incorporated from over 20 years of experience in implementing over 50 TIA Solution installations in 26 countries.