KUALA LUMPUR: The Malaysian Takaful Association (MTA) today signed a memorandum of understanding (MoU) with Infomina Bhd to promote digital innovation and the use of financial technology (fintech) among takaful players in Malaysia.
The MoU aims to evaluate the viability of Videspace for MTA.
Videspace is a productivity application that functions as a team communication and collaboration tool.
The application prioritises focused, meaningful work and makes teamwork calmer, more organised and more productive.
MTA chief executive officer Mohd Radzuan Mohamed said using and benefiting from technology is one of the most effective ways to achieve this.
"Fintech or Takaful-tech is no longer an option. Instead, the industry should see it as a customer-driven need and a commercially-motivated requirement for the industry to remain competitive and move forward," he said in a statement.
The Value-Based Intermediation for Takaful (VBIT) Roadmap, launched by MTA in March 2022, aspires to enhance financial resilience and access to takaful for all segments of society, especially the B40 community.
The MoU provides an avenue for MTA to explore the use of new technology to enhance, at the outset, the association's communications to and among its 18 member companies and later with other industry stakeholders, agents, consumers and the public.
Radzuan said the industry could definitely expect to see more digital collaborations in the future.
Infomina managing director Yee Chee Meng assured MTA of the company's commitment to providing solutions that cater to the MTA's technology and digital needs.
"The company is happy to be selected as one of the VBIT technology partners, and this MoU will allow us to explore working with MTA to enhance its effectiveness and efficiency through a digital platform," he said.
For the public and takaful consumers, digital innovations can bring to the market a range of accessible, affordable, relevant, and customer-centric takaful products.
For MTA, takaful operators and takaful agents, digital platforms can increase efficiency and effectiveness by reducing both time and resources and enhancing monitoring and reporting performance.
"Digitalisation may also support another VBIT initiative where reduced use of paper by a takaful operator can translate into greener and more environmentally sustainable operations," Radzuan added.
