WHY THIS COURSE?

BancaTakaful is a symbiotic arrangement between a bank and a Takaful company, allowing the Takaful company to sell its products to the bank's client base. Such a partnership can be highly lucrative for both companies: banks earn additional revenue by selling insurance, while Takaful companies expand their customer bases without increasing their sales force or paying agent and broker commissions.

However, for banks and Takaful companies considering partnerships, what makes a good BancaTakaful arrangement? What strategy needs to be in place, what preparation needs to be undertaken and what key issues need to be considered? For existing BancaTakaful operations, what challenges exist and how can products, systems and processes be streamlined and improved?

This unique, practitioner-led online program will provide an important analysis of BancaTakaful products, strategy, operations, marketing, branding and distribution. Through attending, participants will be to share the program director’s extensive practical experience and take away key knowledge and expertise that can be directly applied to real-life business operations.

  • Key Learning Objectives and Takeaways
    • Understanding what BancaTakaful is and what makes it a potentially lucrative proposition
    • Developing an initial BancaTakaful business plan
    • Developing and implementing a successful BancaTakaful strategy
    • Understanding the importance of customer segmentation
    • Analyzing the characteristics of successful customer solutions for BancaTakaful
    • Ensuring service excellence for BancaTakaful
    • Developing insurance adviser sales toolkits
    • Improving productivity through the adoption of digital applications
    • Understanding the universe of Shariah compliant investments and their significance for BancaTakaful
    • Ensuring effective operations, risk management and compliance

Fee

1 participant: RM1,450/$375
2 participants: RM2,900/$750
3 participants: RM4,350/$1,125
4 participants: RM5,800/$1,500
5 participants: RM7,250/$1,875

Early Payment Discount: Payments made on or before 8th March 2021 will receive a 7.5% discount. Payments received after this date will be re-invoiced for the full amount.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

Send me Details

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22

Send me Details

WHY THIS COURSE?

BancaTakaful is a symbiotic arrangement between a bank and a Takaful company, allowing the Takaful company to sell its products to the bank's client base. Such a partnership can be highly lucrative for both companies: banks earn additional revenue by selling insurance, while Takaful companies expand their customer bases without increasing their sales force or paying agent and broker commissions.

However, for banks and Takaful companies considering partnerships, what makes a good BancaTakaful arrangement? What strategy needs to be in place, what preparation needs to be undertaken and what key issues need to be considered? For existing BancaTakaful operations, what challenges exist and how can products, systems and processes be streamlined and improved?

This unique, practitioner-led online program will provide an important analysis of BancaTakaful products, strategy, operations, marketing, branding and distribution. Through attending, participants will be to share the program director’s extensive practical experience and take away key knowledge and expertise that can be directly applied to real-life business operations.

  • Key Learning Objectives and Takeaways
    • Understanding what BancaTakaful is and what makes it a potentially lucrative proposition
    • Developing an initial BancaTakaful business plan
    • Developing and implementing a successful BancaTakaful strategy
    • Understanding the importance of customer segmentation
    • Analyzing the characteristics of successful customer solutions for BancaTakaful
    • Ensuring service excellence for BancaTakaful
    • Developing insurance adviser sales toolkits
    • Improving productivity through the adoption of digital applications
    • Understanding the universe of Shariah compliant investments and their significance for BancaTakaful
    • Ensuring effective operations, risk management and compliance

Who Will Benefit

  • This two-part module is aimed at professionals responsible for formulating strategy, designing and implementing systems and products for Takaful, and in the case of financial institutions, BancaTakaful.
    • Senior management from banks and Takaful providers
    • Product division managers and heads
    • Team members who design products and systems for Takaful
    • Audit, risk management, IT and compliance team members
    • Sales, marketing and branding teams
    • Supervisors and regulators
    • Consultants and advisors

Program Format

This two-part training program will be delivered online through a stable, secure and free-to-access platform. The program itself will be delivered through lectures, worked examples and case studies in order to ensure a detailed and practical understanding of the program content. Participants will have plenty of opportunity to ask questions and interact with the program director. Login details and program materials will be sent to participants upon receipt of payment

Fee

1 participant: RM1,450/$375
2 participants: RM2,900/$750
3 participants: RM4,350/$1,125
4 participants: RM5,800/$1,500
5 participants: RM7,250/$1,875

Early Payment Discount: Payments made on or before 8th March 2021 will receive a 7.5% discount. Payments received after this date will be re-invoiced for the full amount.

In-house/group training

If you are looking for an in-house training program or wish to send a group to an existing public program, kindly please contact Andrew Tebbutt at [email protected] or +603 2162 7802.
Learn More

Register Now

AGENDA AND FORMAT

Each session will be interactive in a seminar format, with participants encouraged to engage with questions throughout.

PLATFORM

This two-part training program will be delivered online through a stable, secure and free-to-access platform. The program itself will be delivered through lectures, worked examples and case studies in order to ensure a detailed and practical understanding of the program content. Participants will have plenty of opportunity to ask questions and interact with the program director. Login details and program materials will be sent to participants upon receipt of payment

AGENDA

Part One: 15th March, (3.5 hours)

Market Overview: The Gulf and Southeast Asia
  • Market size, main business lines, insurance density
  • National versus foreign players
  • The insurance ecosystem
  • Examples of recent market innovation
The Successful BancaTakaful Business Plan and Strategy
  • Partner selection and due diligence
  • Gaining top management buy in and customer segmentation
  • Ensuring the right mix of customer solutions across multi distribution channels
  • Building a compelling value proposition focused on evolving customers’ lifestyle needs
  • Deployment of digital applications to gain competitive edge
  • Monitoring new market entrants, especially technology players
Effective Customer Segmentation
  • Tailoring differentiated customer centric solutions
  • Understanding that simplicity, customer convenience and shelf space management are key
  • Customer segmentation by age groups, income bands and investment risk appetites
  • Optimising social media lead generation/referrals
Developing Effective Customer Solutions
  • Digital customer fact find/risk profiling
  • Discovering and solving customers’ real financial planning needs
  • Crafting bespoke solutions, designing value added benefits and process innovation
How to Ensure a Culture of Service Excellence
  • Delivering quality customer service/care
  • Prompting processing/settling claims
  • Enhancing persistency ratio/retention
  • Capitalising brand power, customer trust and reward loyalty
  • Increasing overall customer satisfaction

Part Two: 16th March (3.5 hours)

Case Study: Regulatory Frameworks and Implications for BancaTakaful
Using the example of UAE Banca Regulations, we look at how regulatory frameworks influence the strategy and operations of BancaTakaful operators
  • IA Board of Directors Decision Number 49 in mid-October 2020
  • Digital insurance BOD 18 in April 2020
  • Commission caps, fees and charges
  • Policyholder protection including free look period and illustrations
The Insurance Adviser Sales Toolkit
  • Customer fact find/risk profiling
  • Sales quality metrics and adviser productivity
  • Handling customer objections
  • Monitoring surrenders, lapses and terminations
  • Mis-selling risk mitigants
Promoting Productivity through Digital Applications
  • Key trends in insurance innovation
  • Innovation dynamics and landscape
  • Market opportunities
  • Digital capabilities critical to success, including examples
The Importance of Shariah Compliant Investments
  • Market overview
  • Investment risk calibrated portfolios
  • Risk management guidelines for Takaful operators
  • Benefits of Sukuk
Effective Operations, Risk and Compliance Functions
  • Service model for a unit linked savings plan
  • Online sales process flow
  • Financial accounting
  • Claims settlement
  • Back office and reports
Course Wrap-up and Final Discussion

EXPERT COURSE DIRECTORS


Sohail Jaffer
Experienced International Islamic Finance Leader

Sohail Jaffer is an experienced international Islamic Finance leader with a successful track record in new business development in Europe and the growth markets. He is a pioneer of promoting the growth of cross-border Takaful business and Shariah compliant investments and has established a scalable BancaTakaful business in multiple growth markets including the GCC, Malaysia and Pakistan. He was also one of the first movers to embrace the use of digital applications to enhance the customer journey, significantly improve sales advisor productivity and rejuvenate overall customer experience.

Mr. Jaffer enjoys nurturing new business and market entry initiatives. He shaped market entry strategy into several growth markets and established strategic BancaTakaful distribution partnerships. Bi-lingual (English and French), he has international experience in UK, Europe, Middle East, Africa and Southeast Asia. He is a qualified UK chartered certified accountant (FCCA).

Mr. Jaffer promoted industry thought leadership in Takaful, Shariah compliant asset management and the Sukuk business. He is a former Chairman of the Alternative Investment Management Association, AMA (1997 to 2000), member of the ALFI/LFF Islamic Finance Working Groups in Luxembourg and a member of the Gulf Bonds and Sukuk Association in Dubai. Sohail also contributed to many trade publications and originated and edited several Euromoney Islamic Finance books on Takaful, Sukuk, Shariah compliant Wealth Management, Asset Management, Investment Banking and the nascent Shariah compliant Pensions business.

Sohail Jaffer has a strong international industry network with institutional investors, regulators, service providers, standard setting bodies such as the IAFSB, AAOIFI and trade associations. He recently joined the Institute of Directors (ILA) in Luxembourg with a view to learning more about corporate governance, NED best practice standards and interaction with the existing members.

WHO WILL BENEFIT

  • This two-part module is aimed at professionals responsible for formulating strategy, designing and implementing systems and products for Takaful, and in the case of financial institutions, BancaTakaful.
    • Senior management from banks and Takaful providers
    • Product division managers and heads
    • Team members who design products and systems for Takaful
    • Audit, risk management, IT and compliance team members
    • Sales, marketing and branding teams
    • Supervisors and regulators
    • Consultants and advisors

For enquiries please contact:

Normariya Sariman
Account Manager, REDmoney Seminars
[email protected]
Direct Line: +603 2162 7800 ext 44

Ramesh Kalimuthu
Events Sales Director
[email protected]
Direct Line: +603 2162 7800 ext 65
Fax: +603 2162 7810

For sponsorship & speaking opportunities:

Andrew Tebbutt
Managing Director
[email protected]
Direct Line: +603 2162 7802

For marketing and media enquiries

Govina Selvanthran
Marketing Manager
[email protected]
Direct Line: +603 2162 7800 ext 22