Difference between revisions of "Banca Takaful by Faisal Shahzad Abbassi"

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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…….”
  
−
== DOCUMENT WORD ANALYSIS ==
+
We Will be Discussing…
−
=== Main Category ===
+
„„Why  BanksMUST
−
: AlHuda Material\takaful
+
  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
 +
„ Leverage customer base for
 +
  additional fee based
 +
  revenues.
 +
„ 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
  
−
=== KeyWords ===
+
Why MUST Banks Sell Insurance….                        C
−
islam taka ifi sukuk shariah issuance conventi profit NA muslim countries malaysia uba global business ufe financial developed operandi scheme
+
„ 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
 +
„ Different Strokes for Different Folks
 +
  „ Can’t Sell ‘Any’ product to ‘everyone’…. 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
  
−
== RELATED DOCUMENTS ==
+
Local Market Segments
−
:[[Banca Takaful by Faisal Shahzad Abbassi]]
+
BANKING
−
:[[Development of Takaful and Retakaful by Mahomad Akoob]]
+
                SAVERS
−
:[[Islamic Risk Management Instruments]]
+
                SAVERS            SPENDERS
−
:[[Issues and Challenges in Retakaful by Azman Ismail]]
+
                                    SPENDERS
−
:[[Micro Takaful by Shabir Patal]]
+
INSURANCE
−
:[[Models of Takaful]]
+
                      Insurance Unaware
−
:[[Present Scenario and Future Potentials of Takaful by Kazi Md]]
+
    Insurance Aware
−
:[[ReTakaful by Rohail Ali Khan]]
+
    (Partly Insured)    (Un-Insured)
−
:[[Takaful (Islamic Insurance)]]
 
−
:[[Takaful by Dr. Muhammad Imran Usmani]]
 
−
:[[Takful Report]]
 
−
:[[Technical Aspects of Takaful By Azman Ismail]]
 
−
:[[The Islamic Vision Presentation]]
 
  
 +
Market Segments – Banks
 +
          Saver
 +
          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
 +
        Saver
 +
        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
  
−
== DOCUMENT REFERENCES ==
+
The RIGHT way to reach Your Market
 +
„ Above the Line Marketing (ATL)
 +
  „ 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
  
−
=== Number of Pages ===
+
nsurance Penetration – A comparison
−
17
+
                        He
 +
                          re
 +
                            lie
 +
                                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
  
−
=== Published Date ===
+
ABN AMRO Model
−
2006-12-04 09:19:17
+
                          Our Vision
 +
          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
  
−
== Full Document ==
+
ABN AMRO Model
−
{{OneDrive
+
„ ABN AMRO has tied up with EFU Life and EFU General for i
−
|url = https://onedrive.live.com/embed?cid=7589766F71FA3AE4&resid=7589766F71FA3AE4%2154361&authkey=ABQwnFX0Eq1UREk&em=2
+
  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
  
−
[[Category:Islamic Finance]]
+
                      My dad has already
−
[[Category: Takaful]]
+
                      provided for my
 +
                      education through
 +
                        OUR BANK
 +
  THANK YOU !!!
 +
  I made the right
 +
decision to ensure my
 +
  pension through
 +
        BANK

Revision as of 13:47, 17 September 2016

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

„ Leverage customer base for 

 additional fee based

 revenues.

„ 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…. 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

„ Different Strokes for Different Folks 

 „ Can’t Sell ‘Any’ product to ‘everyone’…. 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


Local Market Segments

BANKING 

               SAVERS

                SAVERS             SPENDERS

                                   SPENDERS

INSURANCE 

                      Insurance Unaware

   Insurance Aware

    (Partly Insured)     (Un-Insured)


Market Segments – Banks 

         Saver

          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 

        Saver

        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

„ Above the Line Marketing (ATL) 

 „ 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 

                       He

                         re

                            lie

                               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 

                         Our Vision

          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

                     education through

                        OUR BANK

 THANK YOU !!!

  I made the right

decision to ensure my 

 pension through

       BANK
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