Leveraging BancaTakaful as a Key Growth Channel. Challenges and Opportunities Rohail Alikhan, DCEO Pak-Qatar General Takaful. Pak-Qatar General Takaful. Part of PQT Group offering both Life & General Takaful Cover Combined paid up capital of Rs. 840 million
Challenges and Opportunities
Rohail Alikhan, DCEO
Pak-Qatar General Takaful
The Bank sees BancaTakaful as a way of creating a new revenue flow and its extensive branch network is efficiently used.
Diversifies its business activities
Covers all customers’ needs – whether financial or protection related.
The distribution costs are marginal since it is the Bank’s existing employees who sell the products.
Extends its client base due to Bank’s extensive network.
Provides access to clients who were otherwise difficult to reach
Varies the distribution channels.
The Takaful Company often benefits from the well-established brand image and service reliability that people attribute to Banks.
Lower cost compared to the cost of the traditional sales representatives.
The client enjoys greater access to all financial services from the Bank including protection – “One Stop Shop” or “Islamic Financial Supermarket”
The client benefits from cheaper Takaful products than through traditional channels.
Contribution payment methods are simplified since they are collected directly from Bank accounts.
Insurance penetration rate is extremely low in the region, hence with simple and comprehensive Takaful products, a value proposition can be created and higher level of penetration can be achieved.
By the value added proposition achieved through BancaTakaful more low to medium income groups can also be brought under the umbrella of protection.
Segmentation of the Client Base.
The traditional "mass market" BancaTakaful
Private BancaTakaful (aimed at High-net worth individuals)
Corporate BancaTakaful and SMEs
Products should flow through the banks network easily.
Responding to the customers needs rather than offering off the shelf products.
Risk Assessment, Training of the Bank staff and Remuneration.
The Way Forward as a ForceTo move beyond product-oriented cross-selling to customer-focused cross-buying requires a holistic approach to BancaTakaful. The right customers (as identified by customer segmentation) need to be provided with products which are attractive (to both the customer and the BancaTakaful provider) through convenient distribution channels. Reinforced by accurate and usable data, the organization will use its processes and rewards, to create a culture and behavior which result in a customer-focused and profitable institution. These components of a comprehensive BancaTakaful program really do add up to many times the sum of its parts.
Jazaak Allaaho Khayran as a Force
(May Allaah Reward You)