CUSTOMER'S PREFERENCE BETWEEN TAKAFUL COMPANIES: CASE STUDY IN BRUNEI-MUARA DISTRICT

Abstract

The objective of this study is to examine the customer preference and understanding between takaful companies, namely, Insurans Islam TAIB Sdn Bhd and Syarikat Takaful companies should know the need of their customers and thus to protect the companies from losing their potential customers. It is also attempts to identify and evaluate factors that have a high influence customer preference in selecting above takaful companies. To accomplish these objectives, this study acquired information through quantitative study by distributing questionnaires equally to the customers between both takaful companies. The study is limited to takaful companies in Brunei-Muara district only. A survey of 74 respondents were taken and analyzed to understand the factors that influence the takaful companies' selection decisions. The study relied on 21 factors using mean and factor analysis and these factors were extracted from the previous literature and personal interview. The findings from the study revealed that the top three most important factors that influence customer preference for selecting between above companies are providing wide range of products and services, reputation of the companies and confidentiality of customer information. It is hoped that this study could provide information to the takaful companies in Brunei regarding the significant factors of customer preference in order both companies improve in their marketing strategies.