penetrating impenetrable with takafulworldtakaful.megaevents.net/presentations/mohan.pdf · ©...
TRANSCRIPT
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Penetrating Impenetrable
with TakafulFamily Takaful Focus
By: Ravindra Mohan
Email : [email protected]
www.aetins.com
World Takaful Conference. Dusit Thani. Dubai
13th April 2015
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1. Industry Challenges & Vision
2. Simplify & Standardize Needs
3. Bringing Takaful Industry Together
Agenda
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Penetration
Protection Gap
Persistency
Industry Challenges
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Penetration Challenges
Products
Push (No Pull?)
Professionalism
Perception
Profitability?
Personalization
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Takaful Industry Perception?
Takaful Products,
Process, Rules.
Insurance Products,
Process, Rules,
InnovationsS
hari
ah
Fil
ter
Haram
Haram Innovations on
Shariah Compliance
Copy
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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.
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Two Arms of Takaful
Shariah Centered Tabarru is strength and Differentiator.
Shariah Compliant Investment is just alternative to Insurance.
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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
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What it Needs?
Can we make people PULL Takaful like
they pulled Facebook?
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Defining the Problem to Solve
How to make people buy (Pull,
Participate) Family Takaful?
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1. Industry Challenges & Vision
2. Simplify & Standardize Needs
3. Bringing Takaful Industry Together
Agenda
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Need Based Selling?
Do Consumers know their real
Needs?
Many people Confuse Wants with
Needs!!
Much of current selling is “Wants”
based
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Understanding Needs
Desire
Needs
Wants
Fantasies
Desire Fear Protection Safe
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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”
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Significance of Protection
(Protection)
Source : Maslow’s Hierarchy of Needs
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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.
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1. Industry Challenges & Vision
2. Simplify & Standardize Needs
3. Bringing Takaful Industry Together
Agenda
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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
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Universal Tabarru
Operator A
Operator B
Operator C
Operator D
Shariah Centeredness –Make Tabarru Universal
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Self-
actualization
Esteem
Social
Safety
Physiological
Takaful Operator Approach
UNIVERSAL
TABARRU
UNIVERSAL
SAFETY
ACCOUNT
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Universal Tabarru Funding
Universal
Tabarru
Operator 1 Operator 2
Operator 3 Operator 4
SADAQAH
from
RICHER
Participants
Government
Support
ZAKAT,
WAQF &
Returns
Surplus
Returns
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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
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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
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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.
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Either “Universal Tabarru & Universal Safety
Account”
OR
“Increase your Revenues & Reducing your
Operational Costs”
AETINS provides innovative solutions..
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Many Questions
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