Compatibility and Market Penetration of Family Takaful Product: A Comparative Study
This study aims to address the issue of low market penetration of family takaful products by assessing its compatibility in relation to their conventional competitors. Using comparative case studies approach, this study focuses on the Individual Family Takaful vis-a- vis Individual Life Insuranc...
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| Main Authors: | , |
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| Format: | Article |
| Language: | English |
| Published: |
Kolej Universiti Islam Malaysia
2012
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| Subjects: | |
| Online Access: | http://ddms.usim.edu.my/handle/123456789/5302 |
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| Institution: | Universiti Sains Islam Malaysia |
| Language: | English |
| Summary: | This study aims to address the issue of low market penetration of
family takaful products by assessing its compatibility in relation to
their conventional competitors. Using comparative case studies
approach, this study focuses on the Individual Family Takaful vis-a-
vis Individual Life Insurance products. The purpose is to identify
similarities and differences in product features, attributes and benefits.
Based on this exploratory study, it can be concluded that in terms of
product concepts, both takaful and the conventional products are
quite compatible. However, the conventional products are more
competitive, as they are able to provide varieties to the value added
features. This study also concludes that takaful products need to be
more competitive and innovative in order to cater for the increasingly
sophisticated customers who demand more innovative products rather than the generic insurance product. |
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