Siti Zulaikha

Blockchain technology can drastically reduce the costs associated with claim verification in the insurance and Takaful industry while increasing trust among involved parties through smart contracts and a shared source of truth. This study examines whether Takaful operators and insurance companies apply blockchain differently and explores the benefits of blockchain technology and smart contracts for both. It conducts a systematic review of relevant literature and a meta-analysis to assess how current studies describe and combine cases as evidence. The results indicate that Takaful and insurance companies that use smart contracts experience a reduction in fraudulent claims, increased transparency, enhanced connections between involved parties, and automation of claim payments with minimal human intervention. The analysis reveals no difference in the application of blockchain technology between the two types of operators, despite the distinct operating contracts of Takaful and conventional insurance.