Penetrating Impenetrable with Takafulworldtakaful.megaevents.net/presentations/mohan.pdf · © Copyright © Copyright AETINS .AETINS,. All rights reserved.All rights reserved. Title:

© Copyright AETINS . All rights reserved.

Penetrating Impenetrable

with TakafulFamily Takaful Focus

By: Ravindra Mohan

Email : [email protected]

www.aetins.com

World Takaful Conference. Dusit Thani. Dubai

13th April 2015

mailto:[email protected]


1. Industry Challenges & Vision

2. Simplify & Standardize Needs

3. Bringing Takaful Industry Together

Agenda


Penetration

Protection Gap

Persistency

Industry Challenges


Penetration Challenges

Products

Push (No Pull?)

Professionalism

Perception

Profitability?

Personalization


Takaful Industry Perception?

Takaful Products,

Process, Rules.

Insurance Products,

Process, Rules,

InnovationsS

hari

ah

Fil

ter

Haram

Haram Innovations on

Shariah Compliance

Copy


Tabarru

(Willful Donations, Not Compulsive Premium)

Taawuni(Mutual Assistance, Not Complex contracts)

Participation

(Invitation, Not Sale)

Revisit Takaful Principles

More “Emotional” appeal than “Intellectual” proposals.


Two Arms of Takaful

Shariah Centered Tabarru is strength and Differentiator.

Shariah Compliant Investment is just alternative to Insurance.


Vision for Takaful

All the people are protected till a

minimum level, with simple

approaches to self-increase

protection amounts till a threshold.

Based on Maqasid Al-ShariahPreservation of Faith, Life, Progeny, Intellect & Wealth


What it Needs?

Can we make people PULL Takaful like

they pulled Facebook?


Defining the Problem to Solve

How to make people buy (Pull,

Participate) Family Takaful?





Agenda


Need Based Selling?

Do Consumers know their real

Needs?

Many people Confuse Wants with

Needs!!

Much of current selling is “Wants”

based


Understanding Needs

Desire

Needs

Wants

Fantasies

Desire Fear Protection Safe


Needs vs Wants

Contingency Saving

Family Basic Protection

Ch

ild

Ed

ucati

on

Reti

rem

en

t

Oth

er

Ob

jecti

ves

Need

s

Wan

ts

Debt Protection

Much of Products & Selling today is “Wants” based.

It leads to “Protection Gap”


Significance of Protection

(Protection)

Source : Maslow’s Hierarchy of Needs


Self-

actualization

Esteem

Social

Safety

Physiological

Social- Wants

Basic-Needs

Safety

Account

Banking

Insurance

Takaful

Investment.

Property

Stocks

Bonds

Maslow’s hierarchy /Customer Segmentation

Standardizing Needs

Needs are common. Wants vary.





Agenda


Self-

actualization

Esteem

Social

Safety

Physiological

“Specific

Protection”

“Universal

Protection”Maslow’s hierarchy of needs

Takaful Universal Protection

Safety

Account

Banking

Insurance

Investment.

Property

Stocks

Bonds

•Standardization

•Collaboration

•Segmentation

•Competition


Universal Tabarru

Operator A

Operator B

Operator C

Operator D

Shariah Centeredness –Make Tabarru Universal


Self-

actualization

Esteem

Social

Safety

Physiological

Takaful Operator Approach

UNIVERSAL

TABARRU

UNIVERSAL

SAFETY

ACCOUNT


Universal Tabarru Funding

Universal

Tabarru

Operator 1 Operator 2

Operator 3 Operator 4

SADAQAH

from

RICHER

Participants

Government

Support

ZAKAT,

WAQF &

Returns

Surplus

Returns


Universal Safety Account

UNIVERS

AL

TABARRU

UNIVERSAL

SAFETY

ACCOUNT

Current

Protection

Paid-up

Protection

Max

RM 100,000

Age

Su

m C

ove

red

Next

Monthly

Payment

Su

m C

ove

red

Next Adhoc

Payment

Age Retirement


Consumer’s ProtectionView

10000

0

95000

90000

85000

80000

75000

70000

65000

60000

55000

50000

45000

40000

35000

30000

25000

20000

15000

10000

36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60

Su

m C

overe

d

Age Retirement

Paidup Protection

Current

Age

Current Protection

Upper

Limit

Like a Game of Tetris


Universal Tabarru – Breaking all BoundariesExample Proposal for Malaysia

Universal

Tabarru

Takaful

Operators

Cooperatives

Government

Banks

Life Insurers

Mobile OperatorsEmployers

Vision : Every Household in Malaysia has low cost ready protection

available upto RM 100,000 till age 60 of breadwinner.


Either “Universal Tabarru & Universal Safety

Account”

OR

“Increase your Revenues & Reducing your

Operational Costs”

AETINS provides innovative solutions..

© Copyright AETINS,. All rights reserved.© Copyright AETINS . All rights reserved.

Many Questions

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Documents

Penetrating Impenetrable with Takafulworldtakaful.megaevents.net/presentations/mohan.pdf · © Copyright © Copyright AETINS .AETINS,. All rights reserved.All rights reserved. Title: