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Dr. Mohamed Rafick Khan Abdul Rahman CEO Munich Re Retakaful

Dr. Mohamed Rafick Khan Abdul Rahman CEO Munich Re Retakaful. What’s important to Life/Takaful Insurers. Key aspect is to increase risk pool to ensure stability. Achieved by Increasing sales Reducing lapses and surrender Reduce mortality.

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Dr. Mohamed Rafick Khan Abdul Rahman CEO Munich Re Retakaful

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  1. Dr. Mohamed Rafick Khan Abdul Rahman CEO Munich Re Retakaful

  2. What’s important to Life/Takaful Insurers • Key aspect is to increase risk pool to ensure stability. • Achieved by • Increasing sales • Reducing lapses and surrender • Reduce mortality Providing a solution that makes a need for people to continue with having insurance

  3. The usual scenario • Dr : I am afraid I have some bad news • Patient : Has the results comes back? • Dr : Yes and you have Liver cancer and it is at the final stage • Patient : Are you sure? Any chance that you made a mistake? • Dr : No mistake. I am 200% sure. You need to go through surgery and chemotherapy. … outcome is not good • Patient  (after 10mins of lecture, he left the clinic) 3

  4. What’s next? Who are you going to call? Usually speaks with family and friends to get opinions and will get all sort of advice and recommendations Question? Are this good and professional advice?

  5. The Best Doctors Way Bridging the gap: Improving the accessibility to reach the appropriate world leading specialist around the world to get a second medical opinion

  6. Briefly about Best Doctors • Founded in 1989 by Harvard Medical School Professors • MR strategic partner with some shareholding • Provide services to over 30mill customers in 70 countries • Won many international awards for being innovative and excellence in services • Provide Third Party Assistance service to those in need of professional, quality secondary medical opinion when it matters.

  7. Multilingual Member Communications

  8. Who are the ‘Best Doctors’? • 50,000 of the leading specialists world-wide • Voted by their peers every two years • Top 3-5% doctors are included in database • 40 specialties, 430 subspecialties • We don’t have any affiliation with single hospitals, our doctors can be located anywhere in the world

  9. The services

  10. Your Best Doctors member portal • All of these great services can be accessed through www.askbestdoctors.com/id • Plus members also have access to a multimedia library containing over 300 educational, 3D videos .

  11. The results • A review of our U.S.-based cases since 2011 shows that our experts corrected or refined diagnoses in 29% of cases, and corrected or improved treatment in nearly 60% of cases.

  12. How will it benefit insurers • BD service is sold ONLY by tagging it with an insurance product on compulsory basis. • Can be tagged to almost all known insurance product • Impact • Sales increased • (MLC – Sales increase double digit. A UK client had conversion rate 1 in every 6 calls) • Improve retention (Group Business 97%) • (MLC- Reduce lapse 1.4%) • Discourage people from terminating their policies • It will improve mortality experience • Reduce medical claims • (Australian study shows that claims reduced by AUD7,000 per policy)

  13. Conclusion Brought to you by world leading Reinsurer and Retakaful Operator

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