The Model Strategy of Offering Microtakaful under Perlindungan Tenang Initiative/ Model Strategi Penawaran Takaful Mikro di bawah Inisiatif Perlindungan Tenang

Abstract

This article discusses the strategy of offering microtakaful under Bank Negara Malaysia (BNM) is an initiative named “Perlindungan Tenang", there are three takaful companies are participating in this initiative. Therefore, this study was conducted on BNM and three takaful companies to look at the micro takaful offering strategies. This study used qualitative methods that conducted interviews with Bank Negara Malaysia (BNM) and the three Takaful companies involved. Then, the data are analysed using thematic analysis, which discusses the theme of product design, participation response, distribution channel, participation method, physical product offering, contribution payment method, and product promotion method. Besides, the analysis in this study also used comparative analysis to compare the strategies of offering micro takaful with three takaful companies and documentation analysis involving analysis of journals, books, conference papers, and websites related to corroborate the findings of the analysis. The results of the analysis found that the takaful product coded as product C has the best strategy in terms of the first aspect, a simple product design. Second, the response to participation was so good that group offerings had to be discontinued. Third, the method of offering in collaboration with Agro Bank branches throughout the state. Fourth, participatory methods are offered individually and in groups. Fifth, the physical offer products in the form of cards when joining the scheme. Sixth, the method of payment of contributions at Agro Bank branch counters for individual participation and group participation can be paid to the head or representative. Lastly seventh, the method of promoting the product is offered in collaboration with Agro Bank to customers who deal directly or indirectly with the customers of this bank. Overall, this study can produce a micro takaful offering strategy model that has the characteristics and advantages of product design, supply channel strategy and product promotion method, supply method strategy, and payment method as well as product physical strategy after a comparative analysis of the three products. offering takaful products under this initiative.