The number of takaful operators in Malaysia till 2009 is 8 while the number of life insurance companies is 7 as shown in the table below. However the penetration rate for takaful industry in Malaysia is ONLY 10% whereas for insurance is a whopping 40%.
Can you see the huge gap between takaful and insurance in terms of market share. And this is the weakness of takaful industry that they cannot market the takaful product to the public at large.
Because of the low penetration rate among the Muslims here in Malaysia, Bank Negara has approved takaful license to another 4 new takaful operators. Among them are:
i) ING Management Holdings (Malaysia) Sdn Bhd (60 percent), Public Bank Berhad (20 percent) and Public Islamic Bank Berhad (20 percent)
ii) Great Eastern (70%) and Koperasi Angkatan Tentera (30%)
Now, as an entrepreneur, a takaful agent, a unit trust agent which takaful operator do you choose so that it can grow your takaful business faster and bigger.
In my opinion, if you want to climb your rank faster from a rookie agent to aspiring manager to unit manager to group agency manager – you will take about 4 to 5 years in your existing old companies. Why? Because in the old existing takaful operators, they already have agency leaders to build their agents at a slow and steady pace.
In the new company, everything must be fast. So you will also climbing the ladder super fast. And you will get 110% support from the company. Because if you die the company die. In the old existing company, if you die, they already have many other leaders. So you are not the only focus that they have to commit to.
In the new company, they will make a commission structure to be better than the old one as they know where to benchmark. You will most likely get a better commission from the old existing takaful operator. Otherwise, they cannot attract takaful agents to join them.
And also the new company will try to give a promotion to you if you are a takaful agent that already long in the business, you can be promoted to a unit manager with some supporting documents showing your achievement. And if you are a unit manager, you may be offered a group agency manager.
If you would like to know more about joining Great Eastern Takaful with a higher rank that means higher commission structure, click here.
p.s. Arif Ismail is a pioneer Group Agency Manager with Great Eastern Takaful. He provides a weekly training on how to recruit the new Great Eastern Takaful agents massively. Click here for detail.