PREMIA Takaful streamlines your insurance operations in the Islamic approach - driven by the Shariah law. It supports both Mudharabah and Wakalah models of Islamic insurance. Designed for deployment across General and Family Takaful products, it makes your processes across underwriting, claims, Re-Takaful, financial accounting and surplus distribution, highly integrated and rationalized.
Product highlights
- Covers business types such as family, general, group and annuity, etc
- Segregates different business types and also, consolidates analysis, finance and statutory returns at the company level
- In spite of the differences in features of the Takaful model for family and general, both business types can reside in the same database - empowering you to consolidate the surplus or investment returns for a participant into one account
- Handles the complexities related to flow of funds. It allows you to monitor and control the fund flows based on your business performance
Streamline interactions with participants
- Maintain individual accounts for participants. Keep track of the day to day surplus and investment profit flows, and also flows of risk funds to individual accounts and vice versa
- Know a participant's cash value at any point of time with a mere mouse-click
- Treat participants' contributions as unitized or non-unitized depending on the Takaful operator
- Segregate contributions into risk and investment portions
- Allocate investment profits to the participants on the basis of pre-defined parameters
- Define the parameters that determine investment profit sharing
- Calculate and distribute underwriting surplus among participants with relevance to every Takaful model
- Calculate surplus on a monthly and annual basis, or on a monthly basis to be distributed annually
The highly automated Re-Takaful module streamlines your operations for treaty Re-Takaful, outward Re-Takaful, Re-Takaful billing and risk accumulation. Though the business rules are pre-defined at the outset, you can convert it into a manual process with requisite authorization.