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Takaful gets techy [Islamic Business & Finance](Islamic Business & Finance Via Acquire Media NewsEdge) There are now more solutions for Takaful companies to choose from than ever, and they all do more or less the same thing: streamline insurance operations in compliance with Shari'ah law, making processes across underwriting, claims, ReTakaful, financial accounting and surplus distribution better integrated and rationalised. What does this actually mean? The right IT solution can save a lot of time and money. Especially now, as both IT solutions and Takaful providers become more innovative and advanced. For example, Takaful Malaysia is investing up to MYR 5 million ($1.6 million) in new technology to convert all its documents into paperless processing by the end of this year. "We have invested MYR 3 million so far in this technology and we plan to expand our capability by the end of this year," said Group Managing Director Datuk Hassan Kamil. In going paperless, the company expects to save up to MYR 1 million a year. Takaful Malaysia deployed Hyland Software's enterprise content management solution (ECM), OnBase, streamlining underwriting and claims processes across its 40 sales and servicing outlets. It claims that new business is written sooner and claims are resolved faster without sacrificing data integrity. Slow paper-dependent processes often hinder an insurer's ability to provide better customer service and compete in today's market. For insurers, the speed at which they quote a new policy, answer a policyholder's inquiry or process a claim can make or break their success. Although speed is a necessary component in business processes, insurance companies shouldn't sacrifice it for accuracy. "Speed and accuracy are the binding forces driving business at insurance carriers. Because OnBase seamlessly integrates with existing systems - from policy administration to claims management systems - employees are able to access data to streamline processes across all departments," said Ed McQuiston, Hyland's Strategic Alliances and Insurance Solutions Manager. Takaful Malaysia are happy with the outcome, claiming that consistent procedures now surround every process at Takaful Malaysia because electronic workflows collect and route data in underwriting new business and processing claims. The entire process has become automated, and more importantly, tracked. Managers now have an instant view into the current business state - how many applications are currently being processed, how many claims have been approved or rejected and how many are in the queue. "We no longer have to worry about inconsistent processes or missing documents taking up time," said Dato' Mohamed Hassan Kamil, Group Managing Director of Takaful Malaysia. "The standardisation helps us stay true to our mission of achieving operational excellence through technology-driven innovation and becoming the preferred choice for insurance." Technology providers for Takaful companies PAC Total Solutions http://pac.my/products/takaful-core- system/about-tia-takaful Eskadenia http://www.eskadenia.com/Default.aspx Plexus http://www.plexuspk.com/Solutions/ GeneralTakafulInsuranceSystem.aspx AETINS http://www.aetins.com/ 3i Infotech http://www.3i-infotech.com/content/ insurance/we_premia_takaful.aspx Finesse http://www.finesseme.com/news.html World-Check Unirisx http://www.unirisx.com/Global/ businessSolutions/businessOverview.asp Ultimate Risk Solutions HYPERLINK "http://www.ultirisk.com/en-us/home.asp" http://www.ultirisk.com/en-us/home.asp Eurobase http://www.eurobase.com/insurance- software-solution?gclid=CIb1tJr7mq8C FVEjfAod2UTNcQ TCS http://www.tcs.com/offerings/bancs/ advertisements/Pages/Takaful.aspx ARIMA http://www.arima.com.bh/Eng/ TakafulFlyers.aspx Techworld http://www.techworld-online.com/ Products/Products-Premia.aspx First Apex HYPERLINK "http://www.firstapex.com/index.html" http://www.firstapex.com/index.html SAS HYPERLINK "http://www.sas.com/success/ism.html" http://www.sas.com/success/ism.html ASSURETECH HYPERLINK "http://www.assuretech.in/" http://www.assuretech.in/ Pentasoft http://www.pentasoft.com.my/ sw.php?pg=pt TIA Technology HYPERLINK "http://www.tia.dk/en/Solutions/TIA-Takaful/" http://www.tia.dk/en/Solutions/TIA-Takaful/ Hyland Software HYPERLINK "http://www.hyland.com/" http://www.hyland.com/ Fadata http://www.fadata.bg/ (c) 2012 CPI Financial. All rights reserved. Provided by Syndigate.info an Albawaba.com company |