Doing the best at this moment puts you in the best place for the next moment. (quote)
today, my coursemate and I went to Prudential BSN for the industrial visit that had been managed by us.
As we know, PruBSN is the top takaful operator based on market share in Malaysia.
we had gave talk from the Appointed Actuary (Mr. Tan Cheu Chau) and Head of Development Product (Mr. Norazman).
"Product Development and Pricing of Takaful Products"
Mr. Norazman was gave a talk about product development with detailed, meanwhile, Mr. Tan Cheu Chau talked about Pricing of Takaful Products. they gave such a good talk and explanations. they also told us how they are work.
Mr. Norazman gave a brief about product development which have 5 stages.
Stage 1: product ideas and concept.
he told us how they brainstorm the idea and not all ideas can be accept.
Stage 2: Feasibility and design.
they have many process that must be follow such underwriting process, claim process and endorsement process.
Stage 3: Development, Pricing & Approval.
Stage 4: Implementation and Launch.
they're promoted new model by campaign, short launch and else. depends to the company.
Stage 5: Monitor & review.
Lastly, they are monitor by looking at product performances and looking the product going well or not.
actually, the product development is not an easy job. It is a big job and many things that we must be consider.
He also share the products of PruBSN which are from family takaful and general takaful. Their main driver of company is family takaful products.
Mr. Tan gave a talk about pricing. the pricing is not an easy job. many things should be consider especially from shareholders and participants. if the premium is too expensive, could be not much people anticipate to buy it.
they are consider the profit measure based on the pricing from a shareholder's perspective and also other considerations such payback period and market competition.
i think i want to share many things at here, but somehow i don't know how to explain through this. my friends and I got MANY new knowledge from them actually.thanks to Mr. Tan and Mr. Norazman.
we asked many questions such as the technical part from pricing, how PruBSN can be top takaful operators, about the Shariah part, internship matter and else. They gave us a brief answer and we are satisfied with that answer.
they suggest to us, maybe there should have one semester or topics that should give by industry people or practitioner to students.
Mr. Tan & Mr. Norazman
**sorry for the grammatical error. i should be improve my english. its a good try for write in english rather than do nothing with my english, right. and it is not just writing though. should be more than that. :)