Analysis of Tawuniya takaful company

Analysis of Tawuniya takaful company

Introduction

Tawuniya takaful insurance company was incorporated in year 1986 as a partnership based company with Saudi joint stock Company to perform insurance related business operations with the help of cooperative concept (Tawuniya, 2008). Company overall worth is of SR 750 million, and is currently operating across the country with more than 100 regional and sales offices. The formulation of the company in year 1986, was not perceived ethically accurate, and faced numerous hurdles from existing players of Saudi insurance market, however, it was also considered as the mega and brave step towards the formation of more practicable insurance industry.

From the time when company started its operations, it, considered the formation of workable insurance industry and their primary responsibility by developing policies for most favorable insurance services and launching innovative products that convince the needs of potential client, particularly customers of the retail sectors(Tawuniya, 2009). On the other hand, since its incorporation the company has invested profoundly in the expansion and growth of employees working in the insurance industry, and, thus increasing the professional attitude, motivation of employees working in the industry for over the years.

In addition to this, the company has made enormous contribution in the field of education, and enhancing consciousness of the humanity with respect to insurance by using innovative and well thought-out marketing and community relationship strategies. The hard word and determination of the company has paid off as the citizens of the country has realized the importance of the proper insurance services, and is gradually buying various forms of insurance products to ensure the safety and future benefits of their love ones(Tawuniya, 2011).

Meanwhile, the management of the company in year 2004 with respect to changing environmental, political and social situation has reformulated his mission and vision statement, and has aim to formulate new and affective strategies, innovative business policies, enhancing customer service, and enhancing the working atmosphere of the company. Moreover, the management is of the view that with these steps the company would be able to increase its market share, and would become consumer's first preference of purchasing insurance facilities. Tawuniya has now completed more than 20 years in insurance industry and in this passage, the company has undergone numerous changes, with the major intention and focus was to ensure that customer's needs are satisfied, and now the company is looking extremely strong, energetic, and focus towards improving its overall position in the market.

Discussion

Products of the company

Since its inception, the company has been able to develop a niche in the insurance industry and is now considered as the largest and successful insurance company of the country. In order to satisfy the needs and desires of its valuable customers, the company has vigorously expanded its product line, which mainly comprises of two main products that are further expanded into various other products (Tawuniya, 2011; Tawuniya, 2009). The major products or services offered by the company are individual insurance product, and corporate insurance products

Individual insurance ...