GEC NEWS WIREExperts predict boosting top line growth levels in takaful as the biggest challenge
In the recent World Takaful Conference held in Dubai, Equinix addressed the challenges and opportunities facing the Takaful industry in the region
James Maudslay, Global Head of Insurance, Equinix explained how technology can transform and grow the Takaful market by assisting with data recording, process control, reporting, regulatory inconsistencies, maximising data collection and storage. More innovation can be achieved by making use of cloud computing and outsourcing of services to control costs, and re-architecting IT infrastructure, he said.
According to a recent report, the Takaful industry in GCC has witnessed a stable growth at 18.5 per cent annually since 2008. Readiness of industry players to adapt to evolving opportunities and formulate and execute gainful strategies will be crucial in determining the success of the industry.
“The insurance industry today faces increased complexity, more regulation and heightened consumer expectations, and that is straining IT systems. By moving IT infrastructure inside the Off-Shore Zone of the Dubai IBX Data Center, insurers can gain access to leading colocation facilities, guaranteeing the highest levels of data center security and operational reliability worldwide.” said Jeroen Schlosser, Managing Director, Equinix MENA.
