THE PORTOFOLIO ANALIZED OF PRODUCT CHARACTERISTICS, GENDER AND PAYMENT WAY ON INDIVIDUAL TAKAFUL INSURANCE: CASE STUDY IN IMTAQ AGENCY
The Family Takaful Insurance” company is the pioneer of the first sharia insurance as a non-bank financial industry in Indonesia. This study aims to evaluate Takaful Policy of costumer whether product types, as well as gender and payment way based on based data during 10 years at “Takaful Imtaq Agency”. The qualitative-quantitative method was used to analize the individual portfolio and characteristics insurance. Snowball sampling is a technique of determining a sample whose initial quantity is small and then expands. Secondary data used 2.846 individual policies of Imtaq Agency representative office of PT Takaful Insurance limited data from 2009 to 2018. Two insurance product characteristics are traditional (Fulnadi) and modern takaful product. Fulnadi has mudharobah contracts and life insurance benefit (Al-Khaerat) while modern takaful products are based on unit links (deposits, mutual funds, shares) with additional benefit rider, and payor protection benefits. The characteristics of the two products have different impacts on the membership status of the Takaful policy affected by economic fluctuations.The most analysis results show (new policy) in 2013 were 595 policies with an average of 284.6 policies per year. The analysis of the population of new product insurance for traditional product insurance or Takaful Education Fund (FULNADI) experienced a downward trend from 56 percent to 17 percent with an average value of 13.98 percent. While modern products or unit links are estimated to average 86.02 percent per year with a fluctuating trend. Gender analysis of data on male new business participants averaged 52.51 percent and women at the level of 47.79 percent. The monthly payment method contributes at Takaful the most with an average of 86 percent. Recommendations to encourage the growth of Islamic insurance will experience an increasing growth trend, with a focus on developing premium Islamic insurance products that are affordable for the lower middle class. For Takaful investment unit link manager products according to their mandate, it is expected to better manage their assets and investments and more carefully obtain mutually beneficial investment margins to further increase the trust of their customers and stakeholders.
Keywords: 1 Imtaq Takaful Agency · 2 Gender, Product Type · 3 Payment Way ·4 Quantitave and Qualitative Method ·5 Trianggulasi
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