Formulate a starting marketing strategy which includes possible family product solutions and services, and distribution models for the launching of ABC Takaful. |
Formulate a starting marketing strategy which includes possible family product solutions and services, and distribution models for the launching of ABC Takaful. |
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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islamic insurance
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Transcribed Image Text:(A)ABC Family Takaful Company (ABC Takaful) is a newly established operator which
is part of a large Financial Group (FG). FG is a traditional conventional financial
services provider, but also provides Islamic services in the areas of Islamic
Banking, Islamic Įnvestment and Islamic Wealth Management. The company
would offer a range of innovative and comprehensive family takaful solutions and
services for the retail and corporate sectors, to be driven by strong Shariah
principles. ABC Takaful shareholders comprises FG Bank (55%), FG Conventional
Assurance (15%) and JV Insurance company (30%). JV. is a global reputable
insurer which has takaful subsidiaries in Indonesia and the Middle East. Being the
"new kid on the block" it was necessary to differentiate ABC Takaful from other
competitors. Product uniqueness can certainly appeal to most customers.
When ABC takaful surveyed the market, it noted that many takaful operators were
offering regular investment link (ILT) products at that time. These ILT was able to
attract the interest of the customers but have long term tenures albeit, participants
can withdraw whenever they choose to do so. Another issue with this ILT product
is that participants will have to bear the investment risks should the market
becomes bearish and there were no guarantees.
Formulate a starting marketing strategy which includes possible family product
solutions and services, and distribution models for the launching of ABC Takaful. |
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