Marketing Management Model of Islamic Insurance Business in Thailand

Abstract

Objectives: To study the marketing management model of Islamic insurance business in Thailand.

Methodology: By using an in-depth interview method, data were collected from 3 groups of 1. executives 2. competent officials 3. Islamic Finance Scholar, totaling 10 persons who were selected by purposive pursuit. Content analysis by using the data obtained to transcribe the data from the tapes. which consists of writing notes and summarizing information and storing information systematically. Organize the data content through content analysis by categorizing data into categories and proceed to code the data (Coding)

Research Findings: Marketing management model of Islamic insurance business 1. The management of Islamic insurance products must be consistent with religious principles. 2. Promotion of direct communication with customers through information channels. The Islamic insurance business will provide training for religious leaders and community leaders. 3. Cost of insurance business must understand operating costs. Risk Management Liquidity Management Process 4. Distribution Channels for Islamic Insurance Products are through an agent and through the bank 5. Conditions of problems and limitations in the market Islamic insurance business does not have a specific regulatory fragment. Keeping audits and operations within a limited scope.

Contribution: Islamic insurance business organizations and government organizations can apply the research findings in planning and formulating promotional policies for the development of Islamic insurance businesses in Thailand and encouraging Islamic insurance business organizations to expand into the Muslim market.