Agency Management,Training and Incentive Programme - Revision history

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1. Introduction

2. Agency Philosophy

3. Agency Sales Management

4. Agency Training And Development

5. Incentive programmes

6. Conclusion

VISION

Takaful IKHLAS aspires to be the preferred provider of financial

protection services guided by Islamic principles and values.

MISSION

We are committed to delivering value-added products and quality

services through

- Competent staff

- Effective distribution networks, and a

- Technology, that supports efficient business

management and innovations

Takaful IKHLAS Background

 Incorporated 18th September, 2002

 Obtained operating license 21st April 2003

 Paid-up Capital – Initial RM100m , Now RM175m

 Owned 100% by MNRB Holding (listed in Bursa

Malaysia)

 Began operations 2nd July 2003

 Initial Product offering (1 Family and 2 General)

Now, 77 products ( 35 Family, 32 General)

 More than 350 staff

 Trained more than 3000 agents

 3,813 Individual Family agents,

1048 general agents, and

panel of 14 banks

 8 Branches; 2 more branches by September 2008;

2 customer service centers

 10,000 General certificates,

4,000 Individual Family certificates,

3,000 Group Family certificates monthly, and

More than 900,000 participants

 Average growth rate above 50% over last four years

 2007/2008 Gross Collected Contribution RM428 Million

 Portfolio Mix : Family 75% : General 25%

 21% (RM90m) from Individual family

 To build a PROFESSIONAL agency network

that is effective in delivering our products

and quality services to our current and

potential customers.

 We treat our agencies as our business

PARTNERS

 Providing a platform to facilitate “EASE OF

DOING BUSINESS” to our customers and

business partners.

 Mankind’s duty is to serve Allah

‘And I (Allah) created not the jinn and mankind except that they should worship Me

(Alone)‘

Adh-Dhariyat 51:56

 Islam as a way of Life

‘ O you who believe ! Enter perfectly in Islam (by obeying all the rules and regulation of

the Islamic religion) and follow not the footsteps of Shaitan (Satan)….’

Al-Baqarah 2:208

 Our Belief

‘ O you who believe! If you help(in the cause of) Allah, He will help you, and make your

foothold firm’

Muhammad 47:7

 Attributes expected from Agents

“One is not rich because of being wealthy, but one is truly rich when one is rich in

behaviour”

Reported by Bukhari and Muslim

 Al-Tabligh - Missionary

“ O Messenger (Muhammad SAW)! Proclaim The Message which has been sent down to you

from your Lord. And if you do not ,then you have not conveyed His Message. Allah will

protect you from mankind. Verily , Allah will not guide the people who disbelieve”

Al-Maidah 5:67

 Al-Amanah – Trustworthy

“ O you who believe! Betray not Allah and His Messenger , nor betray knowingly your

Amanat (things entrusted to you, and all the duties that Allah has ordained for you) “

Al-Anfal 8:27

 As-Siddiq – Truthful

“ And mix not truth and falsehood, nor conceal the truth (i.e. Muhammad SAW is Allah’s

Messenger and His qualities are written in your scriptures, the Taurat (Torah) and the

Injeel (Gospel) while you know (the truth) “

Al-Baqarah 2:42

 Al-Fatanah – Wisdom

“Invite mankind (O Muhammad SAW) to the Way of your Lord(i.e. Islam) with wisdom (i.e.

with the Divine Revelation and the Quran) and fair preaching, and argue with them in a

way that is better … “

An-Nahl 16:125

 AGENCY SALES SUPPORT

(INCLUDING BRANCH SALES SUPPORT)

 AGENCY ADMINISTRATION

 TRAINING

OBJECTIVES:

TO BUILD A STRONG, PROFESSIONAL AND

PRODUCTIVE AGENCY FORCE THROUGH

• STRUCTURED RECRUITMENT,

• STRUCTURED DEVELOPMENT PROGRAMMES,

• AGENCY SUPPORT PROGRAMMES

AT THE HEAD OFFICE AND BRANCHES.

Agents

Recruitment Motivate Agents Supervise

& monitor

Agencies

AGENCY

I-POS Support SALES Agency

SUPPORT Support

Advertising

Sales Promotion

OVERALL ACTIVITIES

 Scheduled meetings with Agencies by Agency Sales Department

and Branch Staff

 Information Update

 Agency Performance review

 Agency Activity & initiatives Twice a year Agency Business

Planning

 Monthly meetings with Agency Association

 Annual Award Recognition

 Annual Overseas conventions

 Quarterly Awards at regional level

 National Agency Convention

 Short contest/drives

 Formation of ‘Model Agent’s Team’ adopting BOB, regionally

 Year Round Agency Briefings and Motivational Talks nationwide

 Conduct Takaful Opportunity Programmes for recruitment

regularly.

1. Character building

2. Agency development

3. Supervision of Agency Force

4. Motivation of agents

5. Business Management

OBJECTIVES:

TO SUPPORT AGGRESSIVE RECRUITMENT

AND DEVELOPMENT OF AGENCY THROUGH

• STRUCTURED RECRUITMENT/PROMOTION

PROCESS

• STRUCTURED PERFORMANCE TRACKING

• ACCURATE AND PROMPT PAYMENT TO

AGENTS

• EVENT MANAGEMENT

Tracking Agents

and Record Remuneration

monitoring

and Payments

AGENCY

Agents Track Agency

ADMINISTRATION Expenses

Movements

Contest and Drive

Income reporting

OBJECTIVES:

 Increased productivity to offset the small expense

margin from Wakalah fee

 Link compensation to agency productivity

 Minimum production incentive for bonus

 Minimum production requirement for fringe benefit

 Successful producers incentives, i.e. pool bonus

 Link compensation to quality, i.e. persistency

 Contest and drives to stimulate production

2 categories:

 Commissions, including bonus

 Commission : Basic & overriding

6 Years payment period

 High first year commission

 Smaller renewal commissions

 Bonuses

 Production

 Pool

 Persistency

 Agency Related expenses

 Agency Office Maintenance Clerical and Rental

Allowance

 Business Development Allowance

 Recruitment Bonus

 Awards and Recognitions

 Agency Provident Fund

 GROUP Term Takaful

 Contest and drives

RECOGNITION

(PERSONAL & GROUP PRODUCTION)

UMRAH TEHRAN

KAZAKHSTAN

CHINA

BANDUNG – INDONESIA

OBJECTIVES:

 TO DEVELOP A GROUP OF PROFESSIONAL,

COMPETENT AND EFFECTIVE IKHLAS AGENTS.

 KNOWLEDGEABLE, SKILLFUL AND WELL

TRAINED IN TAKAFUL AND FINANCIAL PLANNING.

 TO GIVE THE BEST ADVICE TO MEET THE

CLIENTS’ NEEDS AND EXPECTATION.

Technical Training

Soft Skill Training

AGENCY

DEVELOPMENT

Sales Tools

Training

Methodology

Technical training covering:

 Islamic Finance

 Islamic Values and Ethics

 Takaful – elements and principles

 Ikhlas Wakalah Model

 Career Induction

 Sales process and techniques

 Product Knowledge

 Investment linked

 Quality Business & persistency

 Basic Agency Management

 Takaful Operations

Soft skills covering:

- Leadership

- Team building

- Sales scripts

- Advising skills

- Handling objections

- Presentation skills

Sales tools

- Financial Planning guide

Compulsory Training Programmes

AM

UM

AUM

Agent WK1

WK 1 WK1 CIP

WK 1 CIP CIP PCP

CIP DEAS 1 PCP BAMC

DEAS 1 DEAS 2 BAMC TFE

DEAS 2 AAP

TAY TAY

 Expected outcome

- Increase in number of Agents

- Improve productivity

- Improve Persistency

- Increase in No of Full-Time Agents

TOTAL CONTRIBUTION GROWTH

Year 2003-04 2004-05 2005-06 2006-07 2007-08

Production 2 17 39 61 90

(RM Million)

Policy issued

6000

5000

No of policy issued

4000

3000

2000

1000

05-2004

0

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 06-2005

07-2006

Month 08-2007

09-2008

Total Policies Issued 2004-05, 2005-06, 2006-07 & 2007-08

42719

45000

40000

32496

28866

35000

Number of Policies

25097

30000

25000

20000

15000

10000

5000

0

2004-05 2005-06 2006-07 2007-08

Financial Year

Year 2004-05 2005-06 2006-07 2007-08

Production 25,097 28,866 32,496 42,719

Proposal Received 2004 - 2009

8000

7000

Number of proposals

6000

2004-05

5000

2005-06

4000

2006-07

3000

2007-08

2000 2008-09

1000

0

Month

Total Proposal Received 2004-05, 2005-06, 2006-07 & 2007-08

49861

50000

45000

36337

Number of proposals

40000

31856

35000

27559

30000

25000

20000

15000

10000

5000

0

2004-05 2005-06 2006-07 2007-08

Financial Year

Year 2004-05 2005-06 2006-07 2007-08

Production 27,559 31,856 36,337 49,861

(Million)

 AGENCY IS A VITAL INTERMEDIARY

CHANNEL AND IS A KEY STAKEHOLDER

AND BUSINESS PARTNER

 REWARD PROGRAM INCREASES

PRODUCTIVITY

 STRUCURED INCENTIVES RESULTS IN

HIGHER AGENTS RETENTION

JAZAKALLAH

AND

THANK YOU

← Older revision		Revision as of 05:06, 10 November 2017
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← Older revision	Revision as of 00:54, 21 September 2016
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	+
	+
	+	== Top 20 FREQUENT WORDS ==
	+	agency 29
	+	agents 14
	+	sales 10
	+	business 9
	+	allah 8
	+	production 8
	+	takaful 7
	+	training 7
	+	development 6
	+	recruitment 6
	+	financial 5
	+	management 5
	+	programmes 5
	+	bonus 4
	+	cip 4
	+	contest 4
	+	deas 4
	+	ikhlas 4
	+	islamic 4
	+	mankind 4
	+	muhammad 4
	+	objectives 4
	+	productivity 4
	+	quality 4
	+	structured 4
	+
	+
	+
	+	== DOCUMENT KEY POINTS ==
	+	*agency training and development
	+	*agency sales management
	+
	+	*mission we are committed to delivering value added products and quality services through competent staff effective distribution networks and a technology that supports efficient business management and innovations
	+	*vision takaful ikhlas aspires to be the preferred provider of financial protection services guided by islamic principles and values
	+
	+	*i we treat our agencies as our business partners i providing a platform to facilitate ease of doing business to our customers and business partners
	+	*i to build a professional agency network that is effective in delivering our products and quality services to our current and potential customers
	+
	+	*i mankind s duty is to serve allah a and i allah created not the jinn and mankind except that they should worship me alone a adh dhariyat i islam as a way of life a o you who believe enter perfectly in islam by obeying all the rules and regulation of the islamic religion and follow not the footsteps of shaitan satan a
	+	*al baqarah i our belief a o you who believe if you help in the cause of allah he will help you and make your foothold firm muhammad
	+
	+	*verily allah will not guide the people who disbelieve al maidah i al amanah a trustworthy o you who believe betray not allah and his messenger nor betray knowingly your amanat things entrusted to you and all the duties that allah has ordained for you al anfal
	+	*i attributes expected from agents one is not rich because of being wealthy but one is truly rich when one is rich in behaviour reported by bukhari and muslim i al tabligh missionary o messenger muhammad saw proclaim the message which has been sent down to you from your lord
	+
	+	*supervision of agency force
	+	*motivation of agents
	+
	+	*i to give the best advice to meet the clients needs and expectation
	+	*i knowledgeable skillful and well trained in takaful and financial planning
	+
	+
	+	''Please note, This is an auto generated summary based on sentances position in the document and other factors''
	+	== DOCUMENT WORD ANALYSIS ==
	+	=== Main Category ===
	+	: AlHuda Material\takaful
	+
	+
	+	=== KeyWords ===
	+	taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
	+
	+
	+
	+	== RELATED DOCUMENTS ==
	+	:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
	+	:[[Agency Management,Training and Incentive Programme]]
	+	:[[Audit Issue of Islamic Banking]]
	+	:[[Banca Takaful by Faisal Shahzad Abbassi]]
	+	:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
	+	:[[Calculated Risks, Measurable Results]]
	+	:[[Challenges & Issues Faced by Takaful Industry by Mr. Imtiaz ]]
	+	:[[Co-Operative Insurance and Takaful]]
	+	:[[Current Achievements of Takaful by Dr. S. J Malaikah]]
	+	:[[International Cooperative & Mutual Insurance Federation]]
	+	:[[Islamic Banking And Finance Malaysia’s Experience And Achiev]]
	+	:[[Islamic Finance & Investment Symposium by Sohail Jaffar]]
	+	:[[Islamic Insurance in 21st Century by Ahmad Feizal]]
	+	:[[Islamic Insurance Opertunities and Challenges]]
	+	:[[Issues and Challenges in Retakaful by Azman Ismail]]
	+	:[[Leveraging BancaTakaful as a Key Growth Channel by Mr. Rohai]]
	+	:[[Life Family Takaful by Mr. P Ahmed]]
	+	:[[Micro Insurance Co-Operative and Takaful]]
	+	:[[Micro Takaful by Shabir Patal]]
	+	:[[Microinsurance and Takaful]]
	+	:[[Microinsurance, cooperatives and Takaful]]
	+	:[[MicroTakaful – the way forward by Capt. M. Jamil Akhtar]]
	+	:[[Opertunities in Islamic Insurance]]
	+	:[[Present Scenario and Future Potentials of Takaful by Kazi Md]]
	+	:[[ReTakaful by Rohail Ali Khan]]
	+	:[[Syariah Compliant General Takaful Products by Sami Guellouz]]
	+	:[[Takaful and Mutuality by Mohd. Masua Billah]]
	+	:[[Takaful by Abdul Rahim]]
	+	:[[Takaful for Microfinance]]
	+	:[[Takaful Opperunities and Challenges By Azeem Pirani]]
	+	:[[Takaful Products Family Takaful Linked Investment Plans by S]]
	+	:[[Takaful World Prospective Middle East & North Africa]]
	+	:[[Takaful]]
	+	:[[Takful - Zubair Mughal]]
	+	:[[Takful Report]]
	+	:[[The Islamic Vision Presentation]]
	+	:[[The Success of Retakaful by Farid Benbouzid]]
	+
	+
	+
	+	== DOCUMENT REFERENCES ==
	+
	+
	+	=== Number of Pages ===
	+	34
	+
	+
	+	=== Published Date ===
	+	2016-09-17 01:17:16
	+
	+
	+	== Full Document ==
	+
	+
	+	[http://45.40.136.134/~hodhood/HodHoodDocuments/IslamicFinance/Takaful/Agency%20Management,Training%20and%20Incentive%20Programme.pdf Read the Full Document]
	+
	+
	+	[[Category:Islamic Finance]]
	+
	+	[[Category: Takaful]]