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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