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LIFE FRAMEWORK

DIRECT CHANNEL

 

Direct distribution channel refers to the distribution of family takaful products through any or both of the following:

  1. the head office and branch premises of the Takaful Operator; or
  2. an online platform,

whereby consumers deal directly with the Takaful Operator without any involvement of takaful intermediaries, such as agents, financial advisers, or bancatakaful partners

The Protection Gap Study1 carried out by Malaysian Takaful Association and Actuarial partners found that the protection gap is largest for the younger age group (i.e. age 30 and below). Other studies indicate that these consumer group have inclination on participating in Takaful programmes directly, without the assistance of intermediaries. The introduction of Direct Distribution Channel is to help diversify distribution channels of Takaful Operators to widen its reach; making it easier and more convenient for you to get access to protection.

Like the name suggests, direct distribution channel is an avenue where you participate in a takaful plan directly; without any intermediary. Because there are no intermediaries involved, you will not have to pay for commissions.

This channel is suitable for people who prefer to do their own online research, make own comparisons and are much more comfortable in self-servicing.

If you are the kind of person who likes to be hands on in performing your own analysis, making choices on your own and managing your own certificate, this channel is just right for you.

The first step is for your to identify how much coverage you need and evaluate your monthly budget for Takaful. We welcome you to use our Takaful calculator at https://www.ism.net.my/protection-calculator/

Effective 1 July 2017, you can begin to participate in direct channel products. Some Takaful Operators may have the product available online and others have it available at their branches.

For a start, Takaful Operators are offering term products via their websites or branches. The product choices will expand over time.

Click here to get started.


Source: 1 The Story of Gap. Charting Takaful Growth in Malaysia, 2013, Actuarial Partners & Malaysian Takaful Association

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