online insurance

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  • 1. Team Members: Nur Diyana Azhar G1022228 Suhaimi Muhamed G0929520 Ainun Marziah Che Omar G1011420 Norazura Che Pi G1015746 Aza Azamin Abu Hanifah G0912814 Journal Analysis Win in The Flat World: Are you ready for Next Generation Insurance consumers?
  • 2. Agenda
    • Introduction
    • Rationale of choosing the Journal
    • Main ideas of the Journal
    • Relation to MIS
    • Relation to organization(s)
    • Main lesson learned
    • Limitations
    • Conclusion
  • 3. Introduction
    • Definition of Insurance
      • “ A promise of compensation for specific potential future losses in exchange for a periodic payment . Insurance is designed to protect the financial well-being of an individual, company or other entity in the case of unexpected loss. Some forms of insurance are required by law, while others are optional. Examples include car insurance, health insurance, disability insurance, life insurance, and business insurance.”
      • Source: http://www.investorwords.com/2510/insurance.html#ixzz1nI262L1U
    • Benefits of Insurance
    Promotion of saving & investment Reduction of the chances of loss Solution of social problems Productive utilization of fund Provides Security & Safety
  • 4. Introduction
    • Journal Summary (1 of 2)
      • “ The proliferation of social media and heightened competition in the insurance market are forcing carriers to explore new avenues to attract and maintain long term relationships with prospective customers , especially from Generation Y.”
  • 5. Rationale of choosing the Journal Proliferation of Social Media Intense Competition – New Avenue Untapped Market – Gen Y Cost Optimization in New Edge Related to the current job
  • 6. Main ideas of the Journal
    • Untapped Market  Generation Y
      • Who is Generation Y?
      • What does Generation Y most value?
      • Why is this topic important?
      • How do you market to Generation Y?
    • New distribution channel via Social Media
      • The role of social media in marketing?
    Generate new idea(s) Test Market Product Introduction & Promotion
  • 7. Relation to MIS
    • Definition of
    • The main ideas of this journal are related to 3 areas:
  • 8. Relation to organization(s)
  • 9. Relation to organization(s)
    • Etiqa Facebook Page – Customer Service Platform
    • Informative – page contains videos, photos, Customer Service platform.
    Use FB page as a place where customers can post their feedbacks and enquiries
  • 10. Relation to organization(s)
    • Etiqa Facebook Page – Social Media Utilization
    The best Facebook page among Insurance and Takaful company.
  • 11. Relation to organization(s)
    • Etiqa Facebook Page – Product Marketing Tool
  • 12. Relation to organization(s)
    • Takaful Ikhlas Facebook Page – Example of under utilized social media tool
    • Very limited information on page
    • Does not fully utilize the page to post latest announcement and for marketing purpose
  • 13. Main lesson learned
    • Divided into 2 main areas:
  • 14. Main lesson learned
    • Effects on customers especially the Gen Y
  • 15. Limitations
    • Limitations
      • Insufficient details and in-depth discussion about the role of social media in other areas than selling online for example product development, promotion and others.
      • Provide less information on the application of online insurance and focus more towards the idea of using the social media as a tool.
      • The author did not analyze and share his view on the disadvantages of not utilizing the social media and the limitation of each existing social media.
      • The author also did not discuss further on the amount of infrastructure investment and how to continuously be sustainable with this new technology.
      • The journal is somehow rather more towards as a concept i.e. the general overview of how to do things and not a specific idea which can be immediately implemented.
  • 16. Examples of Online Insurance Services
    • International Insurance Providers/ Takaful Operators
  • 17. Conclusion
    • Social media is the best new technology invention that makes people lives more flexible, interconnected and borderless.
    • However, the level of investment for insurance providers/ takaful operators need to critically assessed. Due to the following reasons:
      • High cost and effort to integrate between the social media(s) with the back-end system(s)
      • Maintenance cost to ensure the system are functioning well 24/7
      • Maximize capitalization and ensure profitable ROI for all the investment in social media.
  • 18. Q & A Thank You!!!