porter’s 5 forces model and porter’s value chain for takaful ikhlas

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