P R E S E N T A T I O N B Y :
M . H A M S
UNLEASHING
INNOVATION
TAKAFUL
BAZAAR
PAKISTAN
Welcome To
Our Company
Name of the Startup: Takaful Bazaar
Founding Year: 2022
Vision: To transform the insurance industry and extend the
safety net to the masses by offering a fully digital and
Shariah-compliant Takaful ecosystem.
Mission: To develop a digital marketplace that provides a
wide range of Takaful products to as many people in
Pakistan as possible.
FEASIBILITY
ANALYSIS
Target Market Analysis:
The target market for Takaful (Islamic insurance)
includes individuals and businesses who seek
insurance coverage while adhering to Islamic
principles.
Takaful products are designed to cater to the needs
of Muslim customers who want insurance solutions
that are compliant with Shariah law.
The Takaful industry aims to provide insurance
coverage for various aspects of life, including health,
motor, property, and general protection.
FEASIBILITY
ANALYSIS
Industry Analysis:
1. 2022-2023 Growth:
Overall insurance industry's asset base up 14.8%, driven by a 14.8% increase in life
insurance.
Gross premiums increased in life and family Takaful, and non-life and general Takaful
segments.
2. Segment Growth (2022-2023):
Non-life and general Takaful segment's asset base increased by 17.0%.
Growth supported by increased gross premiums and provisions, despite challenges
like rising claims.
3. DTOs Performance:
Two dedicated DTOs focus on motor and health.
Net contributions increased, but higher net claims led to a raised claims ratio in 20222023.
4. Continued Industry Growth:
Takaful industry expected to keep growing.
Performance tied to emerging macroeconomic conditions and the ability to withstand
shocks.
5. Global Impact:
Global insurance developments, including premium rate hardening and increased
reinsurance rates, may impact the industry's near-term financial performance.
Opportunity
Recognition
Gaps in the Market
Traditional vs. Digital: The market predominantly operated through
traditional methods with limited online presence for Takaful products.
Takaful Bazaar recognized the lack of a comprehensive digital
platform for comparing and purchasing Takaful products.
Complexity in Comparison: The absence of a user-friendly and
transparent platform made it challenging for customers to compare
different Takaful offerings easily.
Limited Accessibility: Takaful services were not easily accessible to
the masses due to the absence of a centralized platform catering to
various Takaful needs.
Emerging Trends
Digital Transformation: The emerging trend of digitalization across industries was
identified as an opportunity to revolutionize the Takaful industry.
Consumer Preference for Convenience: The increasing preference for online
services and a simplified, transparent purchase process indicated a need for a
user-friendly Takaful platform.
Unmet Customer Needs
Lack of Transparency: Customers had limited access to transparent and accurate
information regarding Takaful products, resulting in uncertainty during decisionmaking.
Convenience in Comparison: There was a need for a platform that offers easy
comparisons among multiple Takaful products, ensuring customers make informed
choices based on their needs.
Market Entry
Strategy:
Visionary Approach: Takaful Bazaar's founders envisioned a digital platform that
would bridge the gap between traditional Takaful services and the digital age,
recognizing the untapped potential in providing a user-friendly online Takaful
marketplace.
Technological Integration: Embracing technological advancements, the startup
aimed to create an intuitive digital platform for comparing, purchasing, and
understanding Takaful products.
Market Research: Conducted extensive market research to understand customer
pain points and preferences, thereby aligning their services with the unmet needs
of the market.
Recognition of Opportunities:
Identified the
increasing demand
for a digital platform
to simplify the
Takaful process.
Recognized the need
for transparency,
accuracy, and
comprehensive
information in the
Takaful industry.
Acknowledged the
potential of
technological
advancements in
transforming the
insurance landscape.
Awareness of customer
about digitalization
and digital platforms
Strategic
Positioning
Transparency and Reliability: Positioned as a trustworthy platform
offering transparent and accurate information to customers,
ensuring they make informed decisions.
User-Friendly Interface: Positioned as a one-stop solution for
Takaful needs with a simple and easy-to-navigate interface,
catering to a wide range of users, including those unfamiliar with
Takaful products.
Accessibility: Positioned itself as an accessible platform extending
the safety net of Takaful to the masses, aiming for inclusivity and
ease of access to Takaful services.
Breakthrough
Innovations:
Takaful Bazaar has introduced several groundbreaking innovations that have redefined the landscape of the Takaful industry:
1. Digital Takaful Comparison Platform:
Takaful Bazaar pioneered a user-friendly online platform that allows customers to compare various Takaful products seamlessly.
This digital comparison platform has streamlined the decision-making process, providing users with a one-stop solution for understanding,
comparing, and purchasing Takaful plans.
2. Transparency and Information Accessibility:
Addressing the gap in transparency, Takaful Bazaar ensures that customers have access to all the information they need to make informed
decisions.
The platform eliminates ambiguity by directly sourcing data from Takaful partners, providing customers with accurate and up-to-date
information.
3. Tailored Policy Recommendations:
Takaful Bazaar utilizes advanced algorithms to analyze user preferences and needs.
The platform provides tailored policy recommendations, ensuring that customers receive Takaful plans that align with their specific
requirements.
4. User-Friendly App Interface:
Takaful Bazaar's mobile app offers a seamless and intuitive interface for users to navigate effortlessly.
The user-friendly design enhances the overall experience, making it convenient for customers to manage their Takaful policies on the go.
5. 24/7 Customer Service and Claims Support:
Takaful Bazaar goes beyond traditional service models by offering 24/7 customer service.
The startup has implemented a robust claims support system, ensuring that customers receive assistance round the clock, making the claims
process hassle-free.
6. Add-On Covers and Customization:
Takaful Bazaar introduces innovative add-on covers that allow customers to customize their Takaful plans.
These additional coverage options, such as zero depreciation and roadside assistance, provide extra protection tailored to the unique needs of
individual customers.
7. Instant Comparisons and Real-Time Pricing:
Takaful Bazaar provides users with the ability to instantly compare prices and plans from a wide range of Takaful providers.
Real-time pricing information allows customers to make well-informed decisions based on the latest market rates.
8. Discounts and Promo Codes:
Introducing discounts and promo codes, Takaful Bazaar ensures that customers can avail better value for money.
This innovative approach encourages customer engagement and loyalty.
Marketing
Strategies:
Branding and Positioning:
Unique Selling Proposition (USP):
Takaful Bazaar distinguishes itself by being the first-of-its-kind online
platform for comparing and purchasing Takaful products.
The USP revolves around offering a fully digital and Shariah-compliant
Takaful ecosystem.
Brand Image and Values:
The brand values transparency and reliability, ensuring that customers
have all the information they need to make informed decisions.
The commitment to accuracy is reflected in sourcing data directly from
Takaful partners.
Marketing
Strategies:
Customer Acquisition Strategies:
Digital Marketing:
Utilizing digital channels for promotion to reach a wider audience.
Engaging in online advertising, social media marketing, and search
engine optimization.
Partnerships and Collaborations:
Collaborating with major Takaful providers such as UBL Insurers,
Alfalah Insurers, Adamjee Takaful, and others.
These partnerships enhance the range and quality of Takaful products
available on the platform.
Customer Engagement Initiatives:
Offering 24/7 customer service to address queries and concerns
promptly.
Implementing customer engagement initiatives such as add-on covers,
discounts, and promo codes.
Outcomes:
Revenue Growth
Customer Acquisition and Retention
Market Share
Positive Customer Experiences
Conclusion:
In conclusion, Takaful Bazaar, founded in 2022, has revolutionized the
Takaful industry through innovation and strategic initiatives. Our success
is driven by a unique online platform, emphasizing transparency and
reliability. We've achieved significant growth, high customer retention,
and a substantial market share.
Real impact is evident in positive testimonials, validating the
effectiveness of our user-friendly platform and innovative approach.
Looking forward, our commitment to expansion, diversification, and
ongoing innovation positions us as industry leaders.
Takaful Bazaar isn't just a platform; it's a commitment to reshaping
Takaful. We extend gratitude to our partners, customers, and our
dedicated team for being part of this transformative journey. Together,
we're shaping a future where Takaful seamlessly integrates into
everyone's life.
Thank you for being part of the Takaful Bazaar story—where innovation
meets purpose.
THANK YOU