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Humanizing Takaful Ethical Positioning In Takaful (By Way Of Humanizing Takaful) 5 May, 2009 ICMIF Takaful Network Meeting Bahrain By: Shahril Azuar Jimin Chief Sales Officer Etiqa Insurance & Takaful Overview 2 The concept of Business Ethics • Business ethics is the application of ethical values to the business world. It applies to any and all aspects of business conduct. Business ethics is relevant to the conduct of individuals and also relevant to the conduct of the business organizations as a whole. • Ethics does not mean any moral discourses but is used as a word that describes complex interdependence of culture, religion society and business. • This interdependence results in various undisclosed but yet very clear set of pattern and behaviors of the society that lead to the acceptance or rejection of a concept. 3 The rise of Ethical Businesses, amidst the global crisis…. • Interest in business ethics accelerated dramatically during the 1980s and 1990s, both within major corporations and within academia. Today, most major corporate websites lay emphasis on commitment to promoting non-economic social values under a variety of headings. • Principal role of ethics seen as the harmonization and reconciliation of conflicting interests, to balance overlaps, ie. shareholders vs. stakeholders. • Emergence of a “social contract” approach to business, although critics say the proponents of contract theories miss a central point, namely, that a business is someone's property and not a mini-state or a means of distributing social justice. • Globalization has accelerated the need for ethical positioning, taking into account varying global standards, with religious and cultural perspectives. 4 ….. with opportunity for Islamic finance to seize the day • The global crisis has put Islamic finance in the spotlight. Islamic investments, before this seen as “defensive”, emerges unscathed having excluded the troubled banking and financial industry, and filtered out highly leveraged companies in any industry. • Total Islamic funds AUM about US$34 billion, a growth of 44% in 2007, with appeal now beyond the Muslim population, attracting those drawn to the ethics and principles that form the basis of those funds. • Growing comments suggesting the use of Islamic finance as part of solution to restore confidence n the global financial system. 5 Ethical Positioning and Corporate Reputation • Besides being legal, a good brand should also display ethical values. • Thus, brand values needs to be assessed by both financial and ethical measures as brands and branding have such a profound impact on the society as whole and not just on these people who buy them. • There is a wider public, in addition to shareholders and consumers, who may be potentially affected by the branding decisions. • As such, an ethical positioning enhances the company’s reputation; such a reputation reinforces the brand in turn. • Ethical positioning could provide the company with a differential advantage as a growing number of consumers become more ethically conscious, but also a rise of misuse of corporate ethics policies as marketing instruments 6 Measurement of a corporation’s ethical values The Etishphere approach : ethical companies use ethical leadership as a purposeful method to drive profits. 7 Ethical positioning in Etiqa by way of humanizing Takaful 8 Why the name Etiqa? • Following the merger of 3 insurance and takaful groups beginning end 2005, the most important part about creating and choosing the name was to have it reflect in the brand promise, “Humanizing Takaful”. • How does our name fulfil this requirement? The name “Etiqa” is inspired by the word “ethics” (English) and “etika” (Malay). It is defined as a system of moral principles and standards practised by a particular group. • Behaving in an ethical manner is to behave in a more considerate and humane way. This is how the company attempt to humanize takaful for everyone inside and outside the organization. 9 We are guided by The Etiqa Way… Top Management Etiqa set new standards for the industry We will role-model The Etiqa Way for our staff, in our daily actions and words Employees I see my managers walk the talk I believe in the vision, and will Humanize Takaful in all my interactions with customers, channels and colleagues Agents, FE’s and Channels Etiqa ‘means what it says’ and ‘says what it means’; It is delivering on its promises I believe that Etiqa will deliver best-in-class products and services Customers I am getting best services from Etiqa Etiqa means accessibility, hassle-free and human touch 10 …following the Islamic principle Basis of Co-operation Basis of Mutual Protection Basis of Responsibility 11 How Etiqa attributes contributes to Humanizing Takaful Humanizing Takaful it’s about People not policies • Performance with Conscience there is care in what we do • Crystal Clear we like to keep things clear • Hand-in-Hand with diversity we create opportunity • Rock Solid we have a firm foundation to build on 12 The Etiqa attributes further accentuate critical elements of Takaful principle Critical Elements of Takaful Principle Transparency principle • Full transparency for fees, charges • Separation of Participant Funds from Shareholder Funds • Clarity on how funds are invested and surplus are distributed Moral Value & Ethics • Concept of Charity, i.e. provide donation into a pool to assist other participants facing difficulties • Conducting business in utmost good faith, honesty, full disclosure, truthfulness and fairness Mutual Brotherhood • Risk sharing under mutual brotherhood * Not Exhaustive. Last brand attribute not illustrated is “Rock Solid” 13 Selected Etiqa’s Brand Attributes* “Crystal Clear” No fine-prints “Performance with Conscience” “Hand-in-Hand” In Partnership Our Promise (1/2) Humanizing Takaful 14 Small value claims: Car theft claims: SME claims: No documentation needed for 1st time claim below RM 2,000 Settlement within 30 days 10% claims advance for fire, flood, burglary, accidental death Funeral expenses: Call Center UW: RM 1,000 disbursed immediately for funeral expenses Cover ready before you hang up Our Promise (2/2) Humanizing Takaful Interactive Voice Recording (IVR) Abolishment of IVR system at our contact centre Paperless Motor Waiver of motor proposal form 15 Etiqa Oneline: One Contact Centre for customers. Purchase your takaful from home or office. No forms, no hassles. Name Queuing System: No numbers required. Name will be call upon when ready. Activities to Humanize Takaful Corporate Zakat Responsibilities (CZR) is a program that provides the opportunity to the target group to experience activities that they may not have experienced like other people, especially those with family. It also aims to provide an avenue for the target group to build relationships with the external community and Etiqa staff. This program is a close collaboration with staff and local vicinities. Hand in Hand: Community Service by Etiqa staff 16 CZR Program Calendar 2007 / 2008 Etiqa Takaful Planner September ‘07 Pertubuhan Al-Khaadem Background:Social service organization consists of muallaf, orphans, battered women, single mothers and elderly, abandoned children and the needy local and international. Programme by Etiqa:Official launch, motivational talk, coloring contest, experience sharing, visit “Home of Hope” and interactive session January ‘08 Yayasan Kebajikan Suria Background:Orphanage Home Programme by Etiqa:Official launch, motivational talk, visit to new Musolla, interactive session February ‘08 Tahfiz Darul Furqan Background:School/Centre for Islamic knowledge for fuqara, masakin (poor), ibn sabil, orphans and public Programme by Etiqa:Official launch, motivational talk, “gotong royong”, visit to new additional classroom block, 17 interactive session April ‘08 Madrasah Al-Aminiah Background:School/Centre for Islamic knowledge for fuqara, masakin (poor), ibn sabil, orphans local/international Programme by Etiqa:Official launch, motivational talk, visit to new additional classroom block, interactive session June ‘08 27 Fuqara & masakin via Baitulmal Background:27 fuqara & masakin (poor) via Baitulmal Negeri Perlis Programme by Etiqa:Official launch, motivational talk, “Bakti Etiqa” (visit to the recipients houses), interactive session, football, sepak takraw match CZR Program Calendar 2008 / 2009 Etiqa Takaful Planner April ‘09 Rumah Anak Yatim Darul Izzah Background:Orphanage Home Build Mosque/ Islamic Activity Centre Programme by Etiqa:Official launch, motivational talk, indoor games, performance by students and interactive session. May ‘09 Pusat Jagaan Anak Yatim Dan Miskin Nurul Iman Background:Orphanage Home Programme by Etiqa:Official speeches, Officiate building & hostel, Giveaway of school supplies to the orphans, Performance from Students, Health talk for students and single mother, Cooking class June ‘09 Madrasah Annuriah Paya Rumput Melaka Background:School/Centre for Islamic knowledge for fuqara, masakin (poor), ibn sabil, orphans and public Programme by Etiqa:Official speeches, Officiate handing over (Van, Computers & Sewing Machines), Giveaway of school supplies to the orphans, Performance from Students, Health talk (personal hygiene) for students, Indoor games (Scrabble, quiz), Outdoor games, Motivational Talks 18 Conclusion 19 Conclusion Basics of the Business: Pooling of resources to help the unfortunate few Recognizing our customers and clients: We are guided by….. 20 Being clear and transparent all the time The Etiqa Way to humanize our core business to make it easier for our clients and customers Thank you 21