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ANCASSURANCE:    Concepts, Opportunities & C
 
                PRODUCTS
 
                        &
 
    TARGET MARKET SEGMENTATIO
 
                        BY
 
              FAISAL SHAHZAD ABBASI
 
      HEAD OF BANCASSURANCE – ABN AMRO BANK
 
  
PRODUCTS & TARGET MARKET SEGMENTAT
 
                    “To achieve the
 
                    impossible, one mus
 
                    absurd; to look whe
 
                    everyone else has lo
 
                    but to see what no
 
                    has seen…….”
 
  
We Will be Discussing…
 
„„Why  BanksMUST
 
  WhyBanks          SellInsurance
 
              MUSTSell    Insurance      Current  Scenario&&Succ
 
                                          CurrentScenario    Succ
 
„„Banks’  TargetMarket
 
  Banks’Target          forInsurance
 
                Marketfor  Insurance      InsurancePenetration-
 
                                          „„Insurance  Penetration
 
„„Developing  MarketOriented
 
  DevelopingMarket  OrientedProducts
 
                                Products    Bancassurance- -Poten
 
                                          „„Bancassurance    Pote
 
„„Local  MarketSegments
 
  LocalMarket  Segments
 
  „Banks
 
    „Banks
 
                                                    ABNAMRO
 
                                                    ABN  AMROM  M
 
  „Bancassurance
 
    „Bancassurance
 
„„The  RightWay
 
  TheRight Wayto  Reachyour
 
                toReach    yourMarket
 
                                Market
 
  
Why MUST Banks Sell Insurance
+
== Top 20 FREQUENT WORDS ==
„ Leverage customer base for
+
insurance 35
  additional fee based
+
products 10
  revenues.
+
plans 8
„ Offer additional products to
+
bancassurance 7
  customers meeting their life stage Cards
+
abn 6
  needs and increasing product
+
banks 6
  density                            Loans
+
based 6
„ Increase customer retention        Liabilities
+
amro 5
  and loyalty, since insurance
+
atm 4
  products are long term            Investments
+
credit 4
„ Receive significant    revenues
+
customers 4
  up front
+
items 4
„ Bring in a sales  culture
+
protection 4
 +
revenues 4
 +
saver 4
 +
segments 4
 +
target 4
 +
ticket 4
 +
assets 3
 +
ban 3
 +
branches 3
 +
customer 3
 +
penetration 3
 +
potential 3
 +
revenue 3
  
Why MUST Banks Sell Insurance….                        C
 
„ NATURE OF REVENUES
 
    „ Immediacy in the case of commission for sales
 
      insurance and life products.
 
    „ Cumulative: Revenue snowballing, year after ye
 
      becoming a significant proportion of revenue for
 
      business line.
 
    „ Predictability: Permanence in revenues where
 
      continue to pay for a cover or service, which they
 
    „ Fee based: No lock up of assets/capital
 
  
Banks’ Target Market For Insurance
 
„ Existing Account holders
 
„ Card holders
 
  „ Credit Card
 
  „ Debit Card
 
  „ Relationship Card
 
„ Loan Customers
 
  „ Mortgage
 
  „ Personal
 
  „ Auto etc…
 
„ Potential New Customers
 
„ High Net Worth Clients
 
„ Islamic Banking Customers
 
  
Developing Market Oriented Products
+
== DOCUMENT KEY POINTS ==
„ Different Strokes for Different Folks
+
*offer additional products to customers meeting their life stage cards needs and increasing product density loans increase customer retention liabilities and loyalty since insurance products are long term investments receive significant revenues up front bring in a sales culture
  „ Can’t Sell ‘Any’ product to ‘everyone’…. recipe for F
+
*why must banks sell insurance leverage customer base for additional fee based revenues
            Don’t to be overawed by Competition
 
                  Avoid Me-too!!! approach
 
  „ Hit the Right Chord of your Market
 
  „ Address the Specific Needs
 
  
Local Market Segments
+
*predictability permanence in revenues where continue to pay for a cover or service which they fee based no lock up of assets capital
BANKING
+
*cumulative revenue snowballing year after ye becoming a significant proportion of revenue for business line
                SAVERS
 
                SAVERS            SPENDERS
 
                                    SPENDERS
 
INSURANCE
 
                      Insurance Unaware
 
    Insurance Aware
 
    (Partly Insured)    (Un-Insured)
 
  
Market Segments – Banks
+
*recipe for f don t to be overawed by competition avoid me too approach hit the right chord of your market address the specific needs
          Saver
+
*developing market oriented products different strokes for different folks can t sell a any product to a everyone a
          Saver              Spen
 
                              Spen
 
  „CurrentA/c
 
  „Current  A/c        „PersonalLoan
 
                        „Personal  Loa
 
  „Savings
 
  „Savings            „ReadyCash
 
                        „Ready  Cash
 
  „Termdeposits
 
  „Term  deposits      „CreditCards
 
                        „Credit Cards
 
  „HNWI
 
  „HNWI                „Collateralized
 
                        „Collateralized
 
  
Market Segments – Bancassurance
+
*of bank branches selling insurance less than bank branches not selling insurance total personal deposit in banks over rs
        Saver
+
*billi revenue source nbp economic bulletin julya aug sbp statistical bulletin
        Saver                  Spender
 
                                Spender                  Ta
 
                                                            T
 
                                                            ss
 
                        „ Small ticket items
 
                          „ Small ticket items
 
„Big ticket items
 
„Big ticket items      „ Protection based        Consumer
 
                          „ Protection based        Consume
 
„Investment based        „ Assets insurance
 
„Investment based        „ Assets insurance
 
                                                    forTakaful
 
                                                  for  Takafu
 
„Conventional insurance  „ Health Insurance plans
 
„Conventional insurance  „ Health Insurance plans
 
„Depositor’s insurance  „ Accident Plans                Ban
 
„Depositor’s insurance  „ Accident Plans                Ban
 
                        „ Credit Insurance
 
                          „ Credit Insurance
 
  
The RIGHT way to reach Your Market
+
*abn amro model our vision to be the market leader in bancassurance become a one stop financial supermarket for our cu our usps product innovation a atm withdrawal insuranc customer centric approach need specific products a treasure plus golden y close coordination relationship with ins co
„ Above the Line Marketing (ATL)
+
*our achievements most diversified insurance products palette
  „ Electronic Media Campaigns
 
  „ Print Media Advertisements
 
  „ Road Shows
 
  „ Bill Boards
 
„ Below the Line Marketing (BTL)
 
  „ In Branch Collateral
 
  „ Call Centre
 
  „ Mail Shots
 
  „ ATM
 
  „ Internet
 
  „ PR Campaigns
 
                                    Yes, ATMs. ABN AMRO
 
                                    distributes one of its
 
                                insurance products via AT
 
  
Current Scenario & Success Potential
 
„Products Offered
 
„ Indirect Insurance
 
    – Credit Card Insurance
 
    – Loan Protection
 
    – Depositors’ Insurance
 
    – ATM Insurance
 
                                  „Products No
 
  Direct Insurance
 
„
 
    – Education Plans
 
                                  Offered
 
    – Investment Linked Plans
 
                                  „ Individual /Family
 
    – Pension Plans
 
                                    Insurance
 
    – Home Protection
 
                                  „ Auto Insurance
 
    – Accidental Death/Disability
 
                                  „ Family Takaful
 
                                  „ Travel Insurance
 
                                  „ International Heal
 
  
nsurance Penetration – A comparison
+
''Please note, This is an auto generated summary based on sentances position in the document and other factors''
                        He
+
== DOCUMENT WORD ANALYSIS ==
                          re
+
=== Main Category ===
                            lie
+
: AlHuda Material\takaful
                                st
 
                                  he
 
                                    op
 
                                        p or
 
                                            tu
 
                                              n
 
  
Bancassurance : Potential in Pakistan
 
  „ Total Bank branches in the country (2005)                                ~ Around 7,0
 
  „ No. of Bank branches selling insurance                                  ~ Less than 3
 
                            97% Bank Branches NOT Selling insurance
 
  „ Total Personal deposit in Banks (2006)                                  ~ Over Rs. 1
 
  „ Bancassurance Premium (2005)                                            ~ Rs.350 Mil
 
                                                                              Less Than
 
                                    99.97% IDLE Deposits
 
  „ Number of accounts (current + savings)                                  ~ Over 7.5 M
 
  „ 1% Penetration into Deposit                                              ~ Rs.6 Billi
 
                                                                              Revenue
 
Source: NBP Economic bulletin July–Aug 2006 / SBP Statistical bulletin 2006
 
  
ABN AMRO Model
+
=== KeyWords ===
                          Our Vision
+
taka islam insur malaysia productdeferred shariah countries muslim financial retakaful model growth custom partner developed service mutual bankable provided scheme
          To be the Market Leader in Bancassurance
 
  Become ‘One-stop Financial Supermarket’ for our cu
 
                          Our USPs
 
      Product Innovation – ATM Withdrawal Insuranc
 
                  Customer Centric Approach
 
    Need Specific Products – Treasure Plus, Golden Y
 
        Close Coordination & Relationship with Ins Co.
 
                    Our Achievements
 
          Most Diversified Insurance Products Palette
 
  
ABN AMRO Model
 
„ ABN AMRO has tied up with EFU Life and EFU General for i
 
  bancassurance product palette
 
„ How we Make more possible for consumers through banc
 
                                      Design
 
    Introduced ATM Withdrawal Insurance for the first time in the loc
 
                                        Pricing
 
        All-rounder, an exclusively priced general insurance product
 
                                      Features
 
Insurance plans with exclusive insurance limits for our preferred ban
 
  
                      My dad has already
+
 
                      provided for my
+
== RELATED DOCUMENTS ==
                      education through
+
:[[A Review of Takaful by Prof. Khawaja Ahmed Saeed]]
                        OUR BANK
+
:[[Agency Management,Training and Incentive Programme]]
  THANK YOU !!!
+
:[[Audit Issue of Islamic Banking]]
  I made the right
+
:[[Banca Takaful by Faisal Shahzad Abbassi]]
decision to ensure my
+
:[[Best Practices from e- Insurance to e-Takaful by Sami Guello]]
  pension through
+
:[[Calculated Risks, Measurable Results]]
        BANK
+
:[[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 ===
 +
17
 +
 
 +
 
 +
=== Published Date ===
 +
2006-12-04 09:19:17
 +
 
 +
 
 +
== Full Document ==
 +
 
 +
 
 +
[https://www.hodhood.com/en/HodHoodDocuments/IslamicFinance/Takaful/Banca%20Takaful%20by%20Faisal%20Shahzad%20Abbassi.pdf Read the Full Document]
 +
 
 +
 
 +
[[Category:Islamic Finance]]
 +
 
 +
[[Category: Takaful]]

Latest revision as of 04:53, 10 November 2017


Top 20 FREQUENT WORDS

insurance 35 products 10 plans 8 bancassurance 7 abn 6 banks 6 based 6 amro 5 atm 4 credit 4 customers 4 items 4 protection 4 revenues 4 saver 4 segments 4 target 4 ticket 4 assets 3 ban 3 branches 3 customer 3 penetration 3 potential 3 revenue 3


DOCUMENT KEY POINTS

  • offer additional products to customers meeting their life stage cards needs and increasing product density loans increase customer retention liabilities and loyalty since insurance products are long term investments receive significant revenues up front bring in a sales culture
  • why must banks sell insurance leverage customer base for additional fee based revenues
  • predictability permanence in revenues where continue to pay for a cover or service which they fee based no lock up of assets capital
  • cumulative revenue snowballing year after ye becoming a significant proportion of revenue for business line
  • recipe for f don t to be overawed by competition avoid me too approach hit the right chord of your market address the specific needs
  • developing market oriented products different strokes for different folks can t sell a any product to a everyone a
  • of bank branches selling insurance less than bank branches not selling insurance total personal deposit in banks over rs
  • billi revenue source nbp economic bulletin julya aug sbp statistical bulletin
  • abn amro model our vision to be the market leader in bancassurance become a one stop financial supermarket for our cu our usps product innovation a atm withdrawal insuranc customer centric approach need specific products a treasure plus golden y close coordination relationship with ins co
  • our achievements most diversified insurance products palette


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

17


Published Date

2006-12-04 09:19:17


Full Document

Read the Full Document