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Etiqa's Company Planning Process

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Organizations exist to achieve some purpose or goal, someone has to define that purpose or goal and find ways to achieve it. A manager is that someone and does this by planning. Planning includes defining goals, establishing strategy, and developing plans to coordinate activities. Setting goals, establishing strategy, and developing plans ensures that the work to be done is kept in proper focus and helps organizational members keep their attention on what is most important.

Planning is a very essential function since it is the earliest of the basic functions of management which are planning, organizing, leading and controlling (Satyendra, 2015). Planning is called as the primary management function because it establishes the basis for all the other things managers do as they organize, lead, and control. Planning is first process in management and planning also the most important function in management. The processes is to decide what is to be done, when is it to be done, how it is to be done and who is going to do it. In planning, the organization will set the best alternative in order to carry out the managerial functions to achieve the predetermined goals. Without goals and the process to achieve the goals, there will be nothing to direct, organize and also to manage in the business.

Same goes to Etiqa, they also have their own vision and mission, objective and goal that need to be achieved. Etiqa plan to strengthen their position in local and international market by improve their service. Since Etiqa is insurance and takaful company. There were two type of product provided, which were personal and business. Example personal products are car insurance, education insurance, health insurance and etc. While for business product are divided into which is Group Medical insurance and Asset and Liability Protection. They set out their mission is “helping people to protect their assets, maintain their lifestyle and build a better future”. Etiqa’s brand promise that being Fast and East is not only as a tagline, but as a guarantee that Etiqa able to deliver a Fast and Easy in term of purchase, receive payouts and submit claims. Etiqa have to improve their service to ensure that they able to deliver a fast and easy in term of purchased, received payouts and submit claims to the customer. Furthermore Etiqa had expanded their branch into Singapore, Philippine and Indonesia and they will continue to look for such opportunities in the region.

Usually, managing is about influencing action. It is about helping organizations and units to get things done. Etiqa is a company that provides Insurance and Takaful for personal and business. According to Mintzberg’s Managerial Roles, as Technical Manager at Marine Cargo and Hull department, Mrs. Raja Lilis Suriani develops an information role. Information role involve receiving, collecting and disseminating data or information. For example she received or collecting the information from top management, customer or third party then she disseminating the data to her employee. Furthermore, Mrs. Raja Lilis Suriani also has a conceptual skill, where Mrs. Raja Lilis able to anlyze and diagnose complex situation. For example his manage to handle her employee until all her employee managed to meet their Key Performance Index (KPI). Furthermore, she also managed their customer well because every year, their customer will increase. Other than that she also has an interpersonal skill, where she able to work with, be a mentor, understand, and motivate other, both individually and group.

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According to Balance Scorecard Institute (2019), strategic planning is an organizational management activity that is used to set priorities, focus energy and resources, strengthen operations, ensure that employees and other stakeholders are working toward common goals, establish agreement around intended outcomes or results, and assess and adjust the organization's direction in response to a changing environment. There are several steps Etiqa follow to make a planning in order to achieve their goal. First steps, they identify what are their current mission, goal and strategies. Their current mission is helping people to protect their assets, maintain their lifestyle and build a better future. While their goal is provide the fast service when customer needed and strengthen their position in local and international market.

Second steps, Etiqa doing an external analysis and an internal analysis. By doing external analysis, they know what the competition is doing, what is the current technology use, or what is current economic growth. For example, because of decreasing percentage in economic growth in 2015 and 2016, they have to think the new strategy to reduce the cost incurred and at the same time to care about their customer needs. For example there is an aircraft company claimed insurance because one of its airplane crashed or damage, they need to pay huge amount of sum insured for the claim made by the aircraft company, because of that they need to change their current strategy to the new strategy whether to collaborate with other insurance company. Furthermore with the population of its home market becoming more technologically savvy, it needs to update its offering to stay ahead of its peers. It include to provide a hassle-free and speedy claims process for their customers, the company has a dedicated claims care line which operates during office hours by staff trained in managing claims. While by doing internal analysis, Etiqa knows what were their strength and weakness. For example, over the years, Etiqa managed to earn recognition for excellence in providing insurance products and services. Etiqa had received numerous awards, the most recent being the Motor Insurance Award 2018 and the Motor Takaful Award 2018 by iBanding. By this strength they have opportunity to attract customer to use their product and the same time increase profit. The internal analysis also concerned people development. When they got the external analysis, they need to ensure that their people are ready to gear up towards the goal, mission and strategy.

Third steps, after doing external analysis and internal analysis, they formulated the strategy and implemented the strategies. Etiqa used the growth strategy and competitive strategy. Growth strategy is when organization managed to expand their product or number of market in the same business or new business. Etiqa Company grows using concentration, where they focused on its primary of business, increase the number of product and increase number of broker and agent. For example, with annual revenue RM3.36 billion on 2014 has used concentration to become one of the top conventional insurers in Malaysia. Furthermore, in horizontal integration, Etiqa Company grows by combining with the competitors. For example, in order to lower the risk of paying a large amount of insured claim made by customer, they combining the project with other insurance company such as AIG Malaysia Insurance Berhad and Prudential Insurance. Even though the profit gain is not too high, but the risk to pay a huge amount of claim is low. Etiqa Company has been so successful at this strategy. Furthermore, Etiqa Company also used competitive strategy where competitive strategy is an organizational strategy for how and organization will compete in its business. For Etiqa Company strengthen their position to compete with other insurance company such as Allianz or Prudential.

Final steps, are evaluating results. Top management assessed the result of the previous strategies, determined what changes were needed. For example on that year they unable to achieve their goal, which is to increase their revenue, they have to make a changes such as cutting job by remove all the staff and hire only skilled staff to minimize the expenses or reorganizing management structure.

Planning is the management function that involves setting goals and deciding how to achieve it. Setting goals and developing plans helps the organization to move in a focused direction while operating in an efficient and effective manner. There are planning process that Etiqa Company followed in order to make a planning to achieve their goal, mission and objective such as identifying their goal, doing analysis and formulated strategies. Etiqa Company used growth strategy and Competitive strategy and have been so successfully. In 2018, Etiqa received Best Takaful Company Awards at the International Takaful Awards 2018 in London. While in Malaysia, Etiqa’s General Takaful Business was given the title of Malaysia’s Best Islamic Takaful Institution at the Asset Triple an Islamic Finance Award 2018 was proven that they good in their planning process. Clear written goals, mission, objective and strategies will motivated that company to perform better in future.

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Etiqa’s Company Planning Process. (2022, September 01). Edubirdie. Retrieved March 2, 2024, from https://edubirdie.com/examples/etiqas-company-planning-process/
“Etiqa’s Company Planning Process.” Edubirdie, 01 Sept. 2022, edubirdie.com/examples/etiqas-company-planning-process/
Etiqa’s Company Planning Process. [online]. Available at: <https://edubirdie.com/examples/etiqas-company-planning-process/> [Accessed 2 Mar. 2024].
Etiqa’s Company Planning Process [Internet]. Edubirdie. 2022 Sept 01 [cited 2024 Mar 2]. Available from: https://edubirdie.com/examples/etiqas-company-planning-process/
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