TOWS Analysis

STRENGTH (s)
1. Analysis of financial report (V,R,I,N)

SO 2. To preserve and protect customer's information (V)

OPPORTUNITY (o) :
1. Increase in consumer awareness
on the importance/benefits of
Takaful
2. Digitalisation
3. Generation Y make up a large
population in Malaysia
4. Business can still run as usual
since Takaful is an organization
that provide helps to people who
affected by pandemic (e.g.
medical coverage)
5. Gain customer trust as the clause
is to ensure HLMT disclose all
material facts to the participants
3. Marketers will always ensure they give the best servicing to the clients (V)
4. Enforcement of policies can be done in one day (V,N)
5. Commission payment to each clients/agents has been done within stipulated time (V)
SO1. Promote to potential customers on how financially stable HLMT is. Hence, potential customers
might want to be insured as they already aware on Takaful's benefits and they know that they will have no
problem to make their claims accrodingly with the plans they insured as HLMT is financially stable.
(S1+O1) (Finance Department)
SO2. Create stable and secure system to better preserve and protect customers' information (S2+O2)
(Risk & Compliance Department)
SO3. Takaful agents will always ensure they give the best servicing to the clients so that they can gain
customer trust for long term business (S3 + O5) (Marketing Department)
SO4. Through digitalisation, Takaful can enforce any policies in a day (S4 + O2) (Operation Ddepartment)
SO5. Commission payment to Takaful's clients/agents has been done within stipulated time and Business
can still run as usual since Takaful is an organization that provide helps to people who affected by
pandemic (e.g.medical coverage) (S5 + O4) (Finance Department)
SO6. Takaful can focus in gen Y as their new customers (S3+O3) (Marketing Department)
 TOWS Analysis
WEAKNESS (w)
1.Compliance assessment on monthly basis (V)
2. Held event to appreciate the clients (V)

WO 3. If documents received are not completed, claim team need to call the participants to get the required
documents which can cause delay. (V,N)
4. Actuarial departmrnt assist marketer in determining the premium for Takaful charge (V)
5 Too many regulations can lead to difficulties in getting potential clients (V)

OPPORTUNITY (o) :
1. Governed by Guidelines on
WO1. Compliance assessment on monthly basis governed by Guidelines on Prohibitions against
Prohibitions against Unfair Practices
Unfair Practices (W1 + O1) (Risk & Compliance Department)
2. Opportunity to gain new customer
WO2. Conduct event (e.g. Open Day) / campaign where public can come to enquire about HLMT and its
product/services. (W2+O2) (Marketing Department)
3. Participant will be more confident to
buy product in HLMT as every Takaful
WO3. If documents received are not completed, claim team need to call the participants to get the
must provide adequate and sufficient
required documents which can cause delay so it is advisable that companies opt for digitalisation
information pertaining the product that
(W3+ O1) (Operation Ddepartment)
they sell
WO4. Takaful's actuarial department assist marketers in determining the premium as this will allow
4. High technology usage in insurance
customers to have more trust and confidence on the product (W4 + O3) (Actuary Department)
industry (e.g. Takaful application apps)
WO5. Too many regulations can lead to difficulties in getting getting potential clients so Takaful
needs to implement the latest technology to reduce the time to register customers (W5 + O4) (Risk &
 TOWS Analysis
ST
THREAT (T) :
1. Digitalisation
2. Economy is currently bad hence
making people hesitate to spend on
insurance despite its benefits
3. Employee may take sick leave from
time to time which may affect their
performance as well as business
perforamance eventually
4. Governed by Bank Negara Malaysia
(BNM)
5. High technology usage in insurance
industry (e.g. Takaful application
apps)
6. Need to follow the changes in
technologies if do not want to left out
7. Built environment at workplace
STRENGTH (s)
1. Legal documentation related to participants' detail is required (V)
2. Daily visitation to update business with clients (V)
3. Risk Dept will run through all the application form before the business can be accepted (V)
4. To preserve and protect customer's information (V)
5. To ensure any documents sent to the correct recipient and no leak of information to third party (V)
ST1. Create integrated and secure system where paticipants' detail can be kept securely and easier to be refered to
(S1+T1) (Risk & Compliance Department)
ST2. Daily visitation should be done to update business with clients but the employees may take sick leave from
time to time which may affect their performance as well as business performance eventually. Besides, economy is
currently bad hence people are hesitant to spend on insurance despite it's benefit (S2+T2+T3) (Marketing
Department)
ST3. Maintain or increase the level of thorough screening to avoid being penalized by BNM for not abiding
with the respective regulations (S3+T4) (Risk & Compliance)
ST4. Customer information should be protected and preserved with the help of digitilasation & high
technology usage in insurance industry, for instance the Takaful application apps. but one should be able to
follow the changes in technologies to keep themselves updated. (S4+T1+T5+T6) (Risk & Compliance)
ST5. It is highly crucial to ensure that documents should only be sent to the correct recipient and
information should not be leaked out to third party. This can be done easily with digitalisation and built
environment at workplace. (S5+T1+T7) (Risk & Compliance)
 TOWS Analysis
WT
THREAT (T) :
1. Economy is currently bad hence making
people hesitate to spend on insurance
despite its benefits
2. Environmental misfortunes (e.g.
earthquake)
3. Climate change
4. Preference of value-for-money
product/service
5. Built environent at workplace
6. Employee may take sick leave from time to
time which may affect their performance as well
as business perforamance eventually
WEAKNESS (w)
1. Held event to appreciate the clients (V)
2. Risk assessment on monthly basis. (V)
3. Actuaries can predict claims in the future based on data in previous claims provided by the
clients
4. Compliance assessment on monthly basis (V)
5. Monitoring backlog cases manually on monthly basis - payment that has not been receipted
WT1. Collaboration with suitable companies to provide limited merchandise to potential customers
who enquires about HLMT's products & services. (W1+T1) (Marketing Department)
WT2. Conduct disaster recovery (DR) test and come up with contingency plans accordingly (W2+T2 +T3)
(Risk & Compliance)
WT3. Create affordable new plans and premium charge which include the items where customers
always claim for (W3+T4) (Actuary Department)
WT4. Reward system to employee/department who maintain safe work area (W4+T5) (Risk &
Compliance Department)
WT5. Backlog cases on payment that has not been receipted must be manually monitored on a monthly
basis but employee may take sick leave from time to time which may affect the performances of both, the
business and themselves. (W5+T6) (Finance Department)
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