Conceptual insights on factors shaping Takaful Technology (TakaTech) adoption in Malaysia
The takaful and insurance industry is profoundly transformed, driven by rapid advancements in digital technology and the Internet of Things (IoT). While InsurTech has revolutionised traditional insurance practices, the acceptance of Takaful Technology (TakaTech) among consumers in Malaysia remains...
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| Main Authors: | , , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Labuan Faculty of International Finance, UMS
2023
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| Subjects: | |
| Online Access: | http://irep.iium.edu.my/109767/1/109767_Conceptual%20insights%20on%20factors%20shaping.pdf http://irep.iium.edu.my/109767/ https://jurcon.ums.edu.my/ojums/index.php/LJMS/article/view/4802 |
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| Summary: | The takaful and insurance industry is profoundly transformed, driven by rapid advancements in digital technology
and the Internet of Things (IoT). While InsurTech has revolutionised traditional insurance practices, the acceptance
of Takaful Technology (TakaTech) among consumers in Malaysia remains uncertain. This study aims to investigate
the determinants of TakaTech adoption, focusing on attitude, subjective norm, relative benefit, and FinTech
knowledge. The research is grounded in an extensive literature review and a conceptual framework analysis,
drawing from an established Theory of Reasoned Action with relative benefit and Fintech knowledge. This study
contributes to understanding consumer behaviour in the takaful industry, addressing a notable gap in current
research. The identified determinants offer a detailed comprehension that can guide policymakers and market
participants in refining marketing tactics. Takaful companies, armed with insights into customer viewpoints, can
strategically promote products, increase market share, and expand commercial operations. It is essential to
acknowledge the study's limitations. The conceptual nature precludes the establishment of causal linkages, and the
proposed elements are derived from theoretical frameworks. Practical implications include the potential
improvement of marketing efforts by tailoring strategies to customer preferences, thereby fostering TakaTech
adoption. In conclusion, this research lays the groundwork for future empirical studies in the relatively unexplored
field of Takaful Technology. Subsequent inquiries should examine additional factors and provide empirical evidence
to authenticate the proposed conceptual framework. These efforts are vital for advancing knowledge in the
expanding field of Takaful Technology, promoting continuous growth and innovation within the takaful industry. |
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