In today’s environment, Takaful Companies face mounting challenges – stiff competition from the financial services industry; business innovation, regulations, and compliance; and process challenges such as cost containment to return better efficiency and value to stakeholders. In the midst of all these, insurers are increasingly challenged by commoditisation in personal line products, shifting customer requirements, sharp competition, mergers and acquisitions requiring companies’ consolidation, globalisation and economic uncertainties. At the company level, operators are facing increased pressure to minimise risk while maximising growth, improve profitability while reducing turnaround time, improving speed to market of new products, provide positive customer experience, and give good returns on their premiums paid.
Rapid product development is a competitive advantage but now demands much customization to tailor make solutions for each policy owner requiring flexibility, multiple options, and innovations to push information and pull data for analysis or follow ups. These requirements demand business transformation and paradigm shifts. They are a great challenge when there are no structured change management processes, change management tools, automated straight through processes, and a central repository of customer information. Without these, insurers are unable to take the opportunity to capture the market, remain cost competitive, increase profits and retain service excellence. These challenges if not overcome, will be a very real and substantial setback to your plans to pull ahead of your competitors, differentiate yourself in the marketplace and your customers.
By leveraging on our core capabilities and our unique business focus on the insurance industry, AETINS can help you meet these critical needs and unleash your full business potential.
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