STRATEGIC APPROACH TO ENHANCE THEMARKETABILITY OF INSURANCE

PRODUCTS FOR MAYBANK

MOHD SHAFIE BIN MD SARIPNORLIZA BINTI MISWANRAFIDAH BINTI ABD AZIS

Report submitted in partial fulfillment of the requirementsFor the degree of

Master of Business Administration (EMBA)

Faculty of Business ManagementMAY 2008

,KA

EXECUTIVE SUMMARY

The purpose of this research paper is to study strategic approach to enhance marketability

for Maybank life insurance. This paper looks at the type of mode adopted by customers to

know about eTiQa life insurance. This paper also look into determine the importance of

personnel selling in marketability of eTiQa life insurance product. Then the paper

identifies the importance of eTiQa life insurance product quality that attracts the

customers. Hence we suggest the strategies that can be implemented by Maybank to

enhance the marketability of eTiQa life insurance product.

The findings reveal that the Maybank sales personnel and product feature is at aggressive

quadrant. It is recommended that Maybank should aggressively react on market demand

in order for them to move forward and become the market leader in the insurance

industry.

Finally, SWOT analysis and Space Matrix model are used as a strategic formulation tools

in order to suggest the strategic strategies to enhance the marketability of Maybank life

insurance to be implemented by Management of Maybank.

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ACKNOWLEDGEMENT

We would like to express our gratitude to all those who gave us the possibility to

complete this thesis. We want to thank Maybank for giving us permission to commence

this thesis in the fIrst instance, to do the necessary research work and to use departmental

data.

We are deeply indebted to our advisor, Associate Prof. Dr. Arshad bin Hashim whose

help, stimulating suggestions and encouragement helped us in all the time of research for

and writing of this thesis. We also would like to thank our EMBA Coordinator, Associate

Professor Shahariah binti Hj Othman for her understanding.

Our colleagues from UiTM Melaka, Maybank and Kolej Teknologi Yayasan Alor Gajah

who supported us in our research work. We want to thank them for all their help, support,

interest and valuable hints. Especially, we would like to give our special thanks to our

spouses whose patient love enabled us to complete this work.

Not forgetting our families who are always there for us through this unforgettable period

of time. We also would like to extend our thankfulness to our respondents who are

willing to answer our questionnaires.

Thank you again for all the helps and support given.

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TABLE OF CONTENTS

TITLE PAGE

EXECUTIVE SUMMARY

DECLARATION OF ORIGINAL WORK

ACKNOWLEDGEMENT

LETTER OF TRANSMITTAL

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

CHAPTER ONE: INTRODUCTION

1.1 Introduction

1.2 Background of Insurance Industry

1.3 Background of Study

1.4 Statement of Problem

1.5 Research Question

1.6 Research Objectives

1.7 Significant of Study

1.8 Limitation of Study

1.9 Scope of Study

1.10 Definition of Terms

1.11 Organization of the Applied Business Research Paper

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CHAPTER ONE

INTRODUCTION

1.1 Introduction

This research is being done in order to determine the strategic approach to enhance the

marketability of life insurance product for Maybank. As the financial landscape in

Malaysia had undergone tremendous transformation in the last decade. The evolution in

the financial landscape saw a shift in customers' preference, emergence of more

complex products and increasing diversity in delivery channels (Mohd. Razif, 2007). In

today's world of economic growth, people hardly can live without insurance. Insurance

is a boon to the mankind in several ways. There are a wide range of insurance policies

like the health and the property insurance. In fact, the insurance plans were laid by many

states and governments since past many centuries. (Source

http://insurance.families.com/blog/how-much-and-what-kind-of-insurance-do-we-need)

The insurance sector is currently in a state of some uncertainty and companies are

increasingly conscious of the need to maintain a competitive edge over their commercial

rivals while at the same time getting maximum benefits from in-house resources. For

many years insurance sectors have enjoyed good support from their user communities

and been much appreciated for the services that they provide. However, in recent years

companies have come under severe financial pressure, due to both to the recessionary

climate and also instability in international economics condition. In view of this,

management of Maybank must reciprocate through the effective marketing approach in

order to adapt themselves with rapid changes of the industry. The scenario has spurred

into studying the relationship between the strategic approaches that can be implemented

by Maybank to enhance the marketability of its insurance product (eTiQa). Such

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