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Abstract
Introduction
Indonesian people are familiar with and use many sharia insurance products. However, research specifically discussing fire insurance products is still limited.
Objectives
This study carries out a SWOT analysis of fire insurance products from the marketing strategy aspect and Islamic perspective.
Method
This study used a quantitative approach with a sample of PT. Chubb Life Insurance (Persero) Medan Branch, Indonesia. Data collection was carried out using interviews and questionnaires. This study uses SWOT Analysis to evaluate internal and external factors that influence a company to identify strengths and weaknesses.
Results
The research results show that the strengths of PT. Chubb Life Insurance were in its principles that are not usury, its brand is strong and its policies and claims services are well served. The opportunity can be found around office buildings that requires fire insurance. The weaknesses faced are low market share and human resources. The threat is the large number of competing companies that have similar products and the public's lack of understanding about insurance.
Implications
This study shows a strong internal position and indicates that the company responded well to existing opportunities and avoided threats in the market.
Originality/Novelty
This study contributes to the study of fire insurance as part of Islamic insurance in Indonesia.
Keywords
Article Details
Copyright (c) 2024 Fauzi Ahmad Romadhon , Tri Inda Fadhila Rahma, Rahmi Syahriza
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References
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Bikker, J. A., & van Leuvensteijn, M. (2008). Competition and efficiency in the Dutch life insurance industry. Applied Economics, 40(16), 2063–2084. https://doi.org/10.1080/00036840600949298
Burlton, R. T. (2015). Delivering business strategy through process management. In J. vom Brocke & M. Rosemann (Eds.), Handbook on Business Process Management 2: Strategic Alignment, Governance, People and Culture (pp. 45–78). Springer. https://doi.org/10.1007/978-3-642-45103-4_2
Chaira, R., Lukman, S., & Lukito, H. (2023). Analisis strategi bisnis PT. Asuransi Jiwa Inhealth Indonesia [Business strategy analysis of PT. Inhealth Indonesia Life Insurance]. Jurnal Informatika Ekonomi Bisnis, 5(3), 1035–1040. https://doi.org/10.37034/infeb.v5i3.689
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Evangelakaki, G., Karelakis, C., & Galanopoulos, K. (2020). Farmers’ health and social insurance perceptions – A case study from a remote rural region in Greece. Journal of Rural Studies, 80, 337–349. https://doi.org/10.1016/j.jrurstud.2020.10.009
Fathoni, M. A. (2018). Konsep pemasaran dalam perspektif hukum Islam [Marketing concepts from an Islamic legal perspective]. Jurisdictie: Jurnal Hukum Dan Syariah, 9(1), 128–146. https://doi.org/10.18860/j.v9i1.5135
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Gephart, W. F. (1914). Fire insurance rates and state regulation. The Quarterly Journal of Economics, 28(3), 447–465. https://doi.org/10.2307/1884983
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Murat, G., Tonkin, R. S., & Jüttner, D. J. (2002). Competition in the general insurance industry. Zeitschrift Für Die Gesamte Versicherungswissenschaft, 91(3), 453–481. https://doi.org/10.1007/BF03190772
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References
Aaker, D. A., & Moorman, C. (2017). Strategic market management (11th edition). Wiley.
Abdi, M. K., & Febriyanti, N. (2020). Penyusunan strategi pemasaran Islam dalam berwirausaha di sektor ekonomi kreatif pada masa pandemi Covid-19 [Preparing an Islamic marketing strategy for entrepreneurship in the creative economy sector during the Covid-19 pandemic]. El-Qist: Journal of Islamic Economics and Business (JIEB), 10(2), 160–178. https://doi.org/10.15642/elqist.2020.10.2.160-178
Abratt, R., & Bendixen, M. (2018). Strategic marketing: Concepts and cases. Routledge.
Assauri, S. (2015). Strategic management: Sustainable competitive advantages. PT Rajagrafindo Persada. https://openlibrary.telkomuniversity.ac.id/pustaka/98978/strategic-management-sustainable-competitive-advantages.html
Bikker, J. A. (2017). Performance of the life insurance industry under pressure: Efficiency, competition and consolidation. In J. A. Bikker & L. Spierdijk (Eds.), Handbook of competition in banking and finance (pp. 152–182). Edward Elgar Publishing. https://doi.org/10.4337/9781785363306.00016
Bikker, J. A., & van Leuvensteijn, M. (2008). Competition and efficiency in the Dutch life insurance industry. Applied Economics, 40(16), 2063–2084. https://doi.org/10.1080/00036840600949298
Burlton, R. T. (2015). Delivering business strategy through process management. In J. vom Brocke & M. Rosemann (Eds.), Handbook on Business Process Management 2: Strategic Alignment, Governance, People and Culture (pp. 45–78). Springer. https://doi.org/10.1007/978-3-642-45103-4_2
Chaira, R., Lukman, S., & Lukito, H. (2023). Analisis strategi bisnis PT. Asuransi Jiwa Inhealth Indonesia [Business strategy analysis of PT. Inhealth Indonesia Life Insurance]. Jurnal Informatika Ekonomi Bisnis, 5(3), 1035–1040. https://doi.org/10.37034/infeb.v5i3.689
Chernev, A. (2019). Strategic marketing management—The framework (10th edition). Cerebellum Press.
Daulay, A. N. (2016). Manajemen keuangan [Financial management]. FEBI UINSU Press.
David, F. R., David, F., & David, M. (2019). Strategic management: A competitive advantage approach (17th edition). Pearson.
Epetimehin, F. M. (2011). Achieving competitive advantage in insurance industry: The impact of marketing innovation and creativity. Journal of Emerging Trends in Economics and Management Sciences, 2(1), 18–21. https://doi.org/10.10520/EJC133852
Evangelakaki, G., Karelakis, C., & Galanopoulos, K. (2020). Farmers’ health and social insurance perceptions – A case study from a remote rural region in Greece. Journal of Rural Studies, 80, 337–349. https://doi.org/10.1016/j.jrurstud.2020.10.009
Fathoni, M. A. (2018). Konsep pemasaran dalam perspektif hukum Islam [Marketing concepts from an Islamic legal perspective]. Jurisdictie: Jurnal Hukum Dan Syariah, 9(1), 128–146. https://doi.org/10.18860/j.v9i1.5135
Fine, L. G. (2009). The SWOT analysis: Using your strength to overcome weaknesses, using opportunities to overcome threats. CreateSpace Independent Publishing Platform.
Firdaus, D. N. (2022). Pengaruh produk asuransi syariah kebakaran terhadap minat berasuransi (Studi pedagang kaki lima di Pasar Rangkasbitung Provinsi Banten) [The influence of sharia fire insurance products on insurance interest (Study of street vendors at Rangkasbitung Market, Banten Province)] [Bachelor’s thesis, UIN Sultan Maulana Hasanuddin Banten]. https://repository.uinbanten.ac.id
Gaganis, C., Hasan, I., & Pasiouras, F. (2020). Cross-country evidence on the relationship between regulations and the development of the life insurance sector. Economic Modelling, 89, 256–272. https://doi.org/10.1016/j.econmod.2019.10.024
Gephart, W. F. (1914). Fire insurance rates and state regulation. The Quarterly Journal of Economics, 28(3), 447–465. https://doi.org/10.2307/1884983
Gong, M., Mao, Z., Zhang, D., Ren, J., & Zuo, S. (2023). Study on Bayesian skew-normal linear mixed model and its application in fire insurance. Fire Technology, 59(5), 2455–2480. https://doi.org/10.1007/s10694-023-01436-1
Hamid, A., & Zubair, M. K. (2019). Implementasi etika Islam dalam pemasaran produk bank syariah [Implementation of Islamic ethics in marketing sharia banking products]. BALANCA : Jurnal Ekonomi Dan Bisnis Islam, 1(1), 16–34. https://doi.org/10.35905/balanca.v1i1.1037
Hariansyah, N. (2021). Segmentasi pasar dalam komunikasi pemasaran Islam [Market segmentation in Islamic marketing communications]. Al-Hikmah, 19(2), 127–138. https://doi.org/10.35719/alhikmah.v19i2.73
Herdana, A. (2015). Analisis pengaruh kesadaran merek (brand awareness) pada produk Asuransi Jiwa Prudential Life Assurance (Studi pada PRU Passion Agency Jakarta) [Analysis of the influence of brand awareness on Prudential Life Assurance Life Insurance products (Study at PRU Passion Agency Jakarta)]. Jurnal Riset Bisnis Dan Manajemen, 3. https://ejournal.unsrat.ac.id/v3/index.php/jrbm/article/view/7524
Hidayatillah, I., Suryoko, S., & Prabawani, B. (2015). Pengaruh kualitas pelayanan, reputasi, dan harga premi asuransi terhadap keputusan pemegang polis dalam memilih Asuransi Bumiputera 1912 (Studi kasus pada Asuransi Jiwa Bersama Bumiputera 1912 Kantor Cabang Askum Semarang) [The influence of service quality, reputation and insurance premium prices on policy holders’ decisions in choosing Bumiputera 1912 Insurance (Case study of Bumiputera 1912 Joint Life Insurance Askum Semarang Branch Office)]. Jurnal Ilmu Administrasi Bisnis, 4(1), 21–31. https://doi.org/10.14710/jiab.2015.7187
Ismanto, K. (2016). Faktor-faktor yang mempengaruhi keputusan pembelian produk asuransi syariah [Factors that influence the decision to purchase sharia insurance products]. Jurnal Hukum Islam IAIN Pekalongan, 14(1), 17–29. https://www.neliti.com/publications/208933/
Kaplan, R. S., & Norton, D. P. (2004). Strategy maps: Converting intangible assets into tangible outcomes (1st edition). Harvard Business Review Press.
Kotler, P., Keller, K. L., & Chernev, A. (2021). Marketing management (16th edition). Pearson.
Leigh, D. (2009). SWOT analysis. In K. H. Silber, W. R. Foshay, R. Watkins, D. Leigh, J. L. Moseley, & J. C. Dessinger (Eds.), Handbook of Improving Performance in the Workplace: Volumes 1-3 (pp. 115–140). John Wiley & Sons, Ltd. https://doi.org/10.1002/9780470592663.ch24
Mubarok, N. (2017). Strategi pemasaran Islami dalam meningkatkan penjualan pada Butik Calista [Islamic marketing strategy in increasing sales at Calista Boutique]. I-ECONOMICS: A Research Journal on Islamic Economics, 3(1), 73–92. https://jurnal.radenfatah.ac.id/index.php/ieconomics/article/view/1480
Murat, G., Tonkin, R. S., & Jüttner, D. J. (2002). Competition in the general insurance industry. Zeitschrift Für Die Gesamte Versicherungswissenschaft, 91(3), 453–481. https://doi.org/10.1007/BF03190772
Nasution, S. A., & Aslami, N. (2022). Analisa peningkatan minat terhadap produk asuransi syariah [Analysis of increasing interest in sharia insurance products]. El-Mal: Jurnal Kajian Ekonomi & Bisnis Islam, 3(2), 254–262. https://doi.org/10.47467/elmal.v3i2.768
Nugraha, S. (2023). Penerapan asas kejujuran dalam perjanjian asuransi kebakaran di Indonesia [Application of the principle of honesty in fire insurance agreements in Indonesia]. Journal Evidence Of Law, 2(1), 1–11. https://doi.org/10.59066/jel.v2i1.236
Nurfikri, G. S., & Febriadi, S. R. (2021). Analisis tingkat pemahaman pedagang pakaian terhadap etika pemasaran Islam [Analysis of clothing traders’ level of understanding of Islamic marketing ethics]. Jurnal Riset Ekonomi Syariah, 1(1), 18–25. https://doi.org/10.29313/jres.v1i1.98
Oviatt, F. C. (1905). Standard fire insurance policy: An analysis of its provisions and a brief discussion of the legal questions involved. The ANNALS of the American Academy of Political and Social Science, 26(2), 179–210. https://doi.org/10.1177/000271620502600213
Paujiah, R., Kosim, A. M., & Gustiawati, S. (2020). Pengaruh bauran pemasaran syariah dan label halal terhadap keputusan pembelian [The influence of sharia marketing mix and halal labels on purchasing decisions]. Al Maal: Journal of Islamic Economics and Banking, 1(2), 144–163. https://doi.org/10.31000/almaal.v1i2.1847
Prihantoro, M. W. (2002). Aneka produk asuransi dan karakteristiknya [Various insurance products and their characteristics]. Kanisius.
Puyt, R. W., Lie, F. B., & Wilderom, C. P. M. (2023). The origins of SWOT analysis. Long Range Planning, 56(3), 102304. https://doi.org/10.1016/j.lrp.2023.102304
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