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

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Overview
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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.

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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.



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.. 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.


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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 companys 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


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Measurement of a corporations ethical values
The Etishphere approach : ethical
companies use ethical leadership as a
purposeful method to drive profits.
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Ethical positioning in Etiqa by way of
humanizing Takaful
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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.
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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, FEs 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
We are guided by The Etiqa Way
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following the Islamic principle
Basis of Co-operation
Basis of Responsibility
Basis of Mutual Protection
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Humanizing Takaful
its about People not policies
How Etiqa attributes contributes to Humanizing Takaful
Performance with Conscience

Crystal Clear

Hand-in-Hand

Rock Solid
there is care in what we do
we like to keep things clear
we have a firm foundation to build on
with diversity we create opportunity
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The Etiqa attributes further accentuate critical elements of Takaful
principle
Full transparency for fees, charges
Separation of Participant Funds
from Shareholder Funds
Clarity on how funds are invested
and surplus are distributed
Transparency
principle
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
Moral Value &
Ethics
Mutual
Brotherhood
Risk sharing under mutual
brotherhood
Critical Elements of Takaful Principle Selected Etiqas Brand Attributes*
Crystal Clear
No fine-prints
Performance with
Conscience
Hand-in-Hand
In Partnership
* Not Exhaustive. Last brand attribute not illustrated is Rock Solid
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Our Promise (1/2)
Humanizing Takaful
Car theft claims:


Settlement within
30 days
Call Center UW:

Cover ready
before you hang
up
Small value claims:

No documentation
needed for 1
st
time
claim below RM
2,000
Funeral expenses:

RM 1,000 disbursed
immediately for
funeral expenses
SME claims:


10% claims advance
for fire, flood,
burglary, accidental
death
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Our Promise (2/2)
Humanizing Takaful
Name Queuing
System:

No numbers required.
Name will be call upon
when ready.
Etiqa Oneline:
One Contact Centre
for customers.
Purchase your takaful
from home or office.
No forms, no hassles.

Paperless Motor

Waiver of motor
proposal form
Interactive Voice
Recording (IVR)

Abolishment of IVR
system at our contact
centre
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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.
Activities to Humanize Takaful
Hand in Hand: Community Service by Etiqa staff
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CZR Program Calendar
Etiqa Takaful Planner
2007 / 2008
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
September 07
Yayasan Kebajikan Suria
Background:-
Orphanage Home
Programme by Etiqa:-
Official launch, motivational talk, visit to
new Musolla, interactive session
January 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, interactive session
February 08
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
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
June 08
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CZR Program Calendar
Etiqa Takaful Planner
2008 / 2009
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.
April 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
May 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
June 09
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Conclusion
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Conclusion
Pooling of resources to help the
unfortunate few
The Etiqa Way to humanize our core
business to make it easier for our
clients and customers
Basics of the
Business:
Being clear and transparent all
the time
We are guided
by..
Recognizing
our customers
and clients:
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Thank you