SWOT Analysis of Marketing Effectiveness of Sharia Insurance Products Through Bancassurance at Bank Muamalat KC Serang Banten

Abstract

One of the challenges faced by banking and insurance companies after implementing Bancassurance is the lack of customer awareness. Creating awareness among customers is an important challenge faced by the industry. Even though there are many insurance products on the market, there are still few people who buy these insurance products. Therefore, this conceptual paper explores the concept of Bancassurance and the benefits of Bancassurance for banks, insurance companies and customers. This research uses the SWOT analysis method to provide an in-depth understanding of the strengths, weaknesses, opportunities and threats related to the marketing of sharia insurance products through Bancassurance at Bank Muamalat KC Serang. This helps in evaluating the right marketing strategy for the product to make it more effective and successful. results of internal factor analysis using IFAS matrix data and results of external factor analysis using EFAS matrix. 1) Internal Factors (Strengths + Weaknesses) = 2.62 + 0.65 = 3.27. 2) External Factors (Opportunities + Threats) = 1.61 + 1.68 = 3.29. This value is a score with a scale range between -4 to 4, so to adjust to the Internal-External Matrix, an interpolation of the scale range value -4 to 4 becomes a scale range of 0 to 4 and shows that Bancassurance Bank Muamalat KC Serang is in cell 1 namely as growth and development, the strategies used are intensive (market penetration, market development, and product development) or integrative (backward integration, forward integration, and horizontal integration). It can be seen that the position of the Sharia Insurance product at Bank Muamalat KC Serang is in Quadrant III, which means that Bancassurance Bank Muamalat KC Serang is in a position that indicates a weak organization but has great opportunities. The strategy recommendation given is Change Strategy, meaning that the organization is advised to change its previous strategy.