Agency Management,Training and Incentive Programme
1. Introduction
2. Agency Philosophy
3. Agency Sales Management
4. Agency Training And Development
5. Incentive programmes
6. Conclusion
VISION
Takaful IKHLAS aspires to be the preferred provider of financial
protection services guided by Islamic principles and values.
MISSION
We are committed to delivering value-added products and quality
services through
- Competent staff
- Effective distribution networks, and a
- Technology, that supports efficient business
management and innovations
Takaful IKHLAS Background
Incorporated 18th September, 2002
Obtained operating license 21st April 2003
Paid-up Capital – Initial RM100m , Now RM175m
Owned 100% by MNRB Holding (listed in Bursa
Malaysia)
Began operations 2nd July 2003
Initial Product offering (1 Family and 2 General)
Now, 77 products ( 35 Family, 32 General)
More than 350 staff
Trained more than 3000 agents
3,813 Individual Family agents,
1048 general agents, and
panel of 14 banks
8 Branches; 2 more branches by September 2008;
2 customer service centers
10,000 General certificates,
4,000 Individual Family certificates,
3,000 Group Family certificates monthly, and
More than 900,000 participants
Average growth rate above 50% over last four years
2007/2008 Gross Collected Contribution RM428 Million
Portfolio Mix : Family 75% : General 25%
21% (RM90m) from Individual family
To build a PROFESSIONAL agency network
that is effective in delivering our products
and quality services to our current and
potential customers.
We treat our agencies as our business
PARTNERS
Providing a platform to facilitate “EASE OF
DOING BUSINESS” to our customers and
business partners.
Mankind’s duty is to serve Allah
‘And I (Allah) created not the jinn and mankind except that they should worship Me
(Alone)‘
Adh-Dhariyat 51:56
Islam as a way of Life
‘ O you who believe ! Enter perfectly in Islam (by obeying all the rules and regulation of
the Islamic religion) and follow not the footsteps of Shaitan (Satan)….’
Al-Baqarah 2:208
Our Belief
‘ O you who believe! If you help(in the cause of) Allah, He will help you, and make your
foothold firm’
Muhammad 47:7
Attributes expected from Agents
“One is not rich because of being wealthy, but one is truly rich when one is rich in
behaviour”
Reported by Bukhari and Muslim
Al-Tabligh - Missionary
“ O Messenger (Muhammad SAW)! Proclaim The Message which has been sent down to you
from your Lord. And if you do not ,then you have not conveyed His Message. Allah will
protect you from mankind. Verily , Allah will not guide the people who disbelieve”
Al-Maidah 5:67
Al-Amanah – Trustworthy
“ O you who believe! Betray not Allah and His Messenger , nor betray knowingly your
Amanat (things entrusted to you, and all the duties that Allah has ordained for you) “
Al-Anfal 8:27
As-Siddiq – Truthful
“ And mix not truth and falsehood, nor conceal the truth (i.e. Muhammad SAW is Allah’s
Messenger and His qualities are written in your scriptures, the Taurat (Torah) and the
Injeel (Gospel) while you know (the truth) “
Al-Baqarah 2:42
Al-Fatanah – Wisdom
“Invite mankind (O Muhammad SAW) to the Way of your Lord(i.e. Islam) with wisdom (i.e.
with the Divine Revelation and the Quran) and fair preaching, and argue with them in a
way that is better … “
An-Nahl 16:125
AGENCY SALES SUPPORT
(INCLUDING BRANCH SALES SUPPORT)
AGENCY ADMINISTRATION
TRAINING
OBJECTIVES:
TO BUILD A STRONG, PROFESSIONAL AND
PRODUCTIVE AGENCY FORCE THROUGH
• STRUCTURED RECRUITMENT,
• STRUCTURED DEVELOPMENT PROGRAMMES,
• AGENCY SUPPORT PROGRAMMES
AT THE HEAD OFFICE AND BRANCHES.
Agents
Recruitment Motivate Agents Supervise
& monitor
Agencies
AGENCY
I-POS Support SALES Agency
SUPPORT Support
Advertising
Sales Promotion
OVERALL ACTIVITIES
Scheduled meetings with Agencies by Agency Sales Department
and Branch Staff
Information Update
Agency Performance review
Agency Activity & initiatives Twice a year Agency Business
Planning
Monthly meetings with Agency Association
Annual Award Recognition
Annual Overseas conventions
Quarterly Awards at regional level
National Agency Convention
Short contest/drives
Formation of ‘Model Agent’s Team’ adopting BOB, regionally
Year Round Agency Briefings and Motivational Talks nationwide
Conduct Takaful Opportunity Programmes for recruitment
regularly.
1. Character building
2. Agency development
3. Supervision of Agency Force
4. Motivation of agents
5. Business Management
OBJECTIVES:
TO SUPPORT AGGRESSIVE RECRUITMENT
AND DEVELOPMENT OF AGENCY THROUGH
• STRUCTURED RECRUITMENT/PROMOTION
PROCESS
• STRUCTURED PERFORMANCE TRACKING
• ACCURATE AND PROMPT PAYMENT TO
AGENTS
• EVENT MANAGEMENT
Tracking Agents
and Record Remuneration
monitoring
and Payments
AGENCY
Agents Track Agency
ADMINISTRATION Expenses
Movements
Contest and Drive
Income reporting
OBJECTIVES:
Increased productivity to offset the small expense
margin from Wakalah fee
Link compensation to agency productivity
Minimum production incentive for bonus
Minimum production requirement for fringe benefit
Successful producers incentives, i.e. pool bonus
Link compensation to quality, i.e. persistency
Contest and drives to stimulate production
2 categories:
Commissions, including bonus
Commission : Basic & overriding
6 Years payment period
High first year commission
Smaller renewal commissions
Bonuses
Production
Pool
Persistency
Agency Related expenses
Agency Office Maintenance Clerical and Rental
Allowance
Business Development Allowance
Recruitment Bonus
Awards and Recognitions
Agency Provident Fund
GROUP Term Takaful
Contest and drives
RECOGNITION
(PERSONAL & GROUP PRODUCTION)
UMRAH TEHRAN
KAZAKHSTAN
CHINA
BANDUNG – INDONESIA
OBJECTIVES:
TO DEVELOP A GROUP OF PROFESSIONAL,
COMPETENT AND EFFECTIVE IKHLAS AGENTS.
KNOWLEDGEABLE, SKILLFUL AND WELL
TRAINED IN TAKAFUL AND FINANCIAL PLANNING.
TO GIVE THE BEST ADVICE TO MEET THE
CLIENTS’ NEEDS AND EXPECTATION.
Technical Training
Soft Skill Training
AGENCY
DEVELOPMENT
Sales Tools
Training
Methodology
Technical training covering:
Islamic Finance
Islamic Values and Ethics
Takaful – elements and principles
Ikhlas Wakalah Model
Career Induction
Sales process and techniques
Product Knowledge
Investment linked
Quality Business & persistency
Basic Agency Management
Takaful Operations
Soft skills covering:
- Leadership
- Team building
- Sales scripts
- Advising skills
- Handling objections
- Presentation skills
Sales tools
- Financial Planning guide
Compulsory Training Programmes
AM
UM
AUM
Agent WK1
WK 1 WK1 CIP
WK 1 CIP CIP PCP
CIP DEAS 1 PCP BAMC
DEAS 1 DEAS 2 BAMC TFE
DEAS 2 AAP
TAY TAY
Expected outcome
- Increase in number of Agents
- Improve productivity
- Improve Persistency
- Increase in No of Full-Time Agents
TOTAL CONTRIBUTION GROWTH
Year 2003-04 2004-05 2005-06 2006-07 2007-08
Production 2 17 39 61 90
(RM Million)
Policy issued
6000
5000
No of policy issued
4000
3000
2000
1000
05-2004
0
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar 06-2005
07-2006
Month 08-2007
09-2008
Total Policies Issued 2004-05, 2005-06, 2006-07 & 2007-08
42719
45000
40000
32496
28866
35000
Number of Policies
25097
30000
25000
20000
15000
10000
5000
0
2004-05 2005-06 2006-07 2007-08
Financial Year
Year 2004-05 2005-06 2006-07 2007-08
Production 25,097 28,866 32,496 42,719
Proposal Received 2004 - 2009
8000
7000
Number of proposals
6000
2004-05
5000
2005-06
4000
2006-07
3000
2007-08
2000 2008-09
1000
0
Month
Total Proposal Received 2004-05, 2005-06, 2006-07 & 2007-08
49861
50000
45000
36337
Number of proposals
40000
31856
35000
27559
30000
25000
20000
15000
10000
5000
0
2004-05 2005-06 2006-07 2007-08
Financial Year
Year 2004-05 2005-06 2006-07 2007-08
Production 27,559 31,856 36,337 49,861
(Million)
AGENCY IS A VITAL INTERMEDIARY
CHANNEL AND IS A KEY STAKEHOLDER
AND BUSINESS PARTNER
REWARD PROGRAM INCREASES
PRODUCTIVITY
STRUCURED INCENTIVES RESULTS IN
HIGHER AGENTS RETENTION
JAZAKALLAH
AND
THANK YOU
