porter’s 5 forces model and porter’s value chain for takaful ikhlas
DESCRIPTION
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Porter’s 5 forces Model
And Porter’s Value Chain for
TAKAFUL IKHLAS
Porter’s 5 forces Model
Purpose of Porter’s 5 Forces Model
Analyzing how the ability of a firm to generate or maintain a competitive advantage
Apple Porter’s 5 forces Model
2.Rivalry
4.Supplier Power
1. Threats of new Entrants
3. Threats of Subtitutes
Products or Services
5.Buyer Power
Have to dominates Insurance industry
Put relentless efforts on R&D
Each of the package plan is unique
Continously differentiate its products from its rivals.
1. Threats of new Entrants
2. Rivalry
Efforts such as R & D to introduce a new plan to ensure that they will always be first and different.
Adding various attractive packages for the customer
3. Threats of Substitutes Products or Services
Examples of Subtitutes:
Takaful Etiqa
Prudential Etiqa Takaful Bhd
MAA Takaful Bhd
ING Public Takaful Ehsan Bhd
Ikhlas Takaful market better than competitors
Ikhlas Takaful brand is recognizable
Adding various package for the purpose of assessment and selection by the customer
4. Supplier Power
Company have the power because they have the ability to add multiple packages to their customers such as
Savings Plan
Investment Plan
Medical Plan
Education Plan
Rider Plan
Motor Plan
Corporate Plan
Seniors Plan
Haj Plan
SAMPLE PLAN
5. Buyer Power
Improving product and service quality
Offering extra features
Strong relationship from agent
Porter’s Value Chain
Apple Porter’s Value Chain Model
Primary Activities
Inbound Logistic
Operations
Outbound Logistic
Sales & Marketing
Servicing
Inbound Logistic
Takaful Ikhlas has a customer service center at our headquarters located in Bangsar South, Kuala Lumpur as well as regional offices in Kedah, Perak, Pahang, Kelantan, Terengganu, Selangor, Kuala Lumpur, Melaka, Johor, Sabah, Sarawak and Negeri Sembilan.
Trained Agent
Strong Relationship with customer
Various forms of payments such as annual and monthly payments of cash or credit
Operations
Various types of insurance plans to choose from and can also be combined.
Simple calculations for each selected insurance selection
The simple form of payment either through bank transactions, ATM, cheque or cash at the counter
There are many agents who are willing to serve to help customers choose the right package and most convenient form of payment
Operations
Outbound Logistic
Takaful Ikhlas using multiple channels, whether through online promotions such as Facebook, Twitter and so on, or manually through the distribution of pamphlets
Continue to expand and improve its distribution capabilities by increasing the number of outlets and customer service center to ensure the delivery of insurance information is current and complete
Comprehensive Training agents
Sales and Marketing
Reasonable Pricing : Introduce their package with reasonable price
Brand Loyalty : Always make it as a different products compared to others
Customer Service Center : Allow the customer easy to obtain the package.
Many packages option
Many Agents Outlet
Servicing
Support Activities
Procurement
Technology Development
Human resource Management
Firm Infrastructure
Procurement
Quality Improvement
Adding an attractive package
Increase number of agent
Attractive promotions
Customer service that is efficient and transparent
Technology Development
Portal Takaful Ikhlas
Point of Sales (I-POS) System
This system provides direct linkage to quotations and sales illustrations, which are
convertible policies (certificates). It also generates Financial Need Analysis, online
underwriting and approval.
e-IKHLAS
Takaful IKHLAS has launched e-IKHLAS, a transaction mode that allows customers to
purchase motor policy (certificates), both new and renewal, online directly with
Takaful IKHLAS.
e-Non Motor
As part of the Company’s continuous efforts to introduce new transaction channels,
Takaful IKHLAS has introduced e-Non Motor. This channel allows agents to issue
an online cover note for non motor coverage such as fire, houseowner/ householder,
personal accident and travel personal accident and certificate for marine takaful.
Electronic Claims Estimation System
This system is able to electronically transmit estimates and claims information
between Takaful IKHLAS, the motor repairer and external adjuster. All claims are
approved within 24 hours.
Bantuan Ikhlas 24 Hours Roadside Assistance
This service provides 365 days of round-the-clock assistance to participants in the
event of an accident or breakdown. Upon request, the call centre can help deploy
towing facility, allowing your vehicle to be sent to the nearest panel workshop.
Human Resource Management
This is the technique of employment management that can create
positive improvement and add value by the combination of
employment policies, programs and practices.
Firm Infrastructure
Takaful Ikhlas aim to provide comprehensive Family and General Takaful protection. They place strong emphasis on product innovation coupled with differentiating features to ensure market acceptance.
Our Family protection products focus on savings or investment-linked plans and mortgage protection plans. The general protection offerings feature innovative plans to cover properties such as vehicles, buildings and other assets. In the long-term, we will continue to broaden our product range to meet the changing needs of our customers.
These plans are underwritten to cater for various categories of customers, from middle to lower-income groups including the rural markets, as part of our social responsibility.
Thank You