84
experiment with chatbots and other types of innovative technology that are capable of
independently manoeuvring sales and servicing processes.
4. Strengthening the Professionalism of Takaful Agents: Takaful agents are important
component of the Takaful ecosystem. Despite their need for Takaful, people may not
have the time or access to information on Takaful products. Agents create that
awareness. Many have their first contact with Takaful through an agent-initiated
meeting and, to a large extent, tend to rely on agents for information to assist them in
making the right decisions, particularlywhen such involve lifelong commitments. Whilst
it is imperative that with the use of technology such as online products and services, the
TOs are able to provide seamless customer experience, but this may not necessarily lead
to the total substitution of agents. Indeed, the role of an agent is substantially important
in developing a comprehensive Takaful ecosystem. Both TOs and agents need to work
hand in hand to cater to all segments of customers, whether online or offline. Agents can
enrich the process by being trained and equipped with useful tools and knowledge to
guide and advise potential customers. The Takaful industry requires professional agents
with well-rounded and holistic capabilities; who are technically qualified, fully
committed and uncompromising on ethical standards. This will ultimately guarantee
the continued success of Takaful industry.
5. Innovation in Takaful: Despite the prospects and potential of Takaful, one of the grim
realities of the industry is lack of innovation in Takaful products and services. Many of
the Takaful products are a mere replication of the insurance. Considering that Takaful
is essentially insurance, bound by and based on similar scientific rules and actuarial
approaches, the Takaful players should explore strategies to advance out of insurance
products and operation paradigm. The value propositions of Takaful and its products
are not being properly highlighted and thus hampering its competitiveness. As it stands
now, many consider Takaful similar with insurance; and others view it as being
unimportant. Takaful needs to escape from this “predicament” and immediately
improvise innovative strategies to upscale its current offerings. It must eradicate the
negative image of Takaful as being the imitator, the follower or impersonator of
insurance. Takaful operators must not compromise their innovative nature and must be
able to see beyond Takaful as yet another insurance product. Takaful must offer
distinctive benefits highly valued by all and ensure that its impact is long-lasting and
profound to the public. A recourse back to the ethical base Takaful is a must for Takaful
practitioners. They must continuously espouse the positive values embodied in Takaful
and to translate them into the overall operations of Takaful business. Indeed, the very
existence of Takaful is based on its ultimate objective to attain goodness (ihsan) and
well-being ( maslahah) of mankind.