Driving Entrepreneurship in the Takaful Landscape
Ikhlas Tijarah Sinergi Associate (IKTiSAS) is revolutionising the Takaful industry to attract talent and enhance competencies. Chief Executive Officer Syahrunizam Shahwan speaks about the company’s BOSS system and his aspirations for IKTiSAS to become a leading Takaful corporate agency.
“Established in 2018, our objective is to foster an entrepreneurial culture within the Takaful industry. We developed a conducive business model that enabled us to independently manage our commission and recruitment structures.
This was a challenge because, normally, an agency adopts the business model established by the Takaful company they register with. When we convinced Takaful Ikhlas Family Berhad to recognise the system that we had developed, we became the first Bumiputera Agency Leader Corporation (ALC) and the first ALC in Malaysia to adopt our own system to run a Takaful business.
A New Business Model
Our Business Owner Synergy System (BOSS) fuses the existing system in the market with our network marketing strategy. It was developed to address the pain points that Takaful agents face today, such as cash flow and the lack of incentives.
Those who join us have to start their own corporate agency and actively recruit new agents. By doing so, we want them to be recognised as entrepreneurs and we view them as our business partners. IKTiSAS provides support through engagements, training and ICT systems to help them monitor sales and manage the recruitment process.
We created an easy and systematic promotion process, which will enables a meritable agent to rise up the levels every 12 – 24 months.
Those who reach ‘Managing Director’ level are eligible to become shareholders of IKTiSAS. Agents in leadership positions will also be able to enjoy a continual stream of income from their sales and recruitment incentives.
Ultimately, we want to demonstrate the viability of Takaful business as a long-term career option and help the industry attract and retain talent.
The Road Ahead
Since our establishment, we have encouraged the creation of more than 1,700 companies. We are helping create new job opportunities and doing our part in developing entrepreneurship in this country.
For 2021, we want to achieve the RM25 million production target set by Takaful Ikhlas Family Berhad. We are also positioning a Business Development Manager in every region to provide better support to our business partners.
We also aim to develop Yayasan IKTiSAS to help ensure business continuity upon the deaths of our business partners’ Principal Officers. This protects the job and income security of the deceased’s family and the company’s agents.
More importantly, we want to become a top industry leader and for BOSS to become a new model that can contribute to the growth of the Takaful industry in Malaysia.”