Team Members:Nur Diyana Azhar G1022228Suhaimi Muhamed G0929520Ainun Marziah Che Omar G1011420Norazura Che Pi G1015746Aza Azamin Abu Hanifah G0912814

Journal Analysis Win in The Flat World:

Are you ready for Next Generation Insurance consumers?

AgendaAgenda

Introduction

Rationale of choosing the Journal

Main ideas of the Journal

Relation to MIS

Relation to organization(s)

Main lesson learned

Limitations

Conclusion

IntroductionIntroduction

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

IntroductionIntroduction

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.”

Rationale of choosing the JournalRationale 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

Main ideas of the JournalMain 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?

Generate new idea(s)

Test Market Product Introduction & Promotion

New distribution channel via Social Media

The role of social media in marketing?

Relation to MISRelation to MIS

Definition of

The main ideas of this journal are related to 3 areas:

Relation to organization(s) Relation to organization(s)

Relation to organization(s) 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

Relation to organization(s) Relation to organization(s)

Etiqa Facebook Page – Social Media Utilization

The best Facebook page among Insurance and Takaful company.

Relation to organization(s) Relation to organization(s)

Etiqa Facebook Page – Product Marketing Tool

Relation to organization(s) 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

Main lesson learnedMain lesson learned

Divided into 2 main areas:

Main lesson learnedMain lesson learned

Effects on customers especially the Gen Y

LimitationsLimitations

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.

Examples of Online Insurance ServicesExamples of Online Insurance Services

International Insurance Providers/ Takaful Operators

ConclusionConclusion

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.

Q & AQ & A

Thank You!!!Thank You!!!