PREMIA Takaful - Islamic Insurance Solution
PREMIA Takaful is a powerful Islamic insurance solution that streamlines insurance operations according to the Shariah law. Designed to support both the Mudharabah and Wakalah models of Islamic insurance, PREMIA Takaful:
- Covers all business types such as family, general, group, and annuity
- Integrates underwriting, claims, re-Takaful, financial accounting, and surplus distribution
- Addresses all Takaful principles via the fully compatible PREMIA General Insurance
Key features and differentiators
Key features
- Powerful analytical tools
- Consolidated surplus or investment returns from different business types into a single participant account
- Streamlined interactions with participants (individual accounts, information on a participant's cash value, distribution of underwriting surplus, etc.)
- Segregated risk and investment contributions
Key differentiators
- Simple and user-friendly interface
- Easy-to-understand and easy-to-use surplus processing module
- Flexible and user-definable parameters for surplus handling
- Simplified Wakala fee handling
Key business benefits
- Complete business view at all times with integrated underwriting, claims, reinsurance, and finance modules
- Improved productivity and shorter time-to-market with automated business processes, minimal manual intervention, and capability to configure multiple insurance products
- Smarter business decision-making with advanced insurance analytics and reports
- Increased flexibility and scalability, resulting in quicker service cycles and reliable data entry
- Reduced business costs on expansion or diversification
- Efficient handling of voluminous transactions