Determinants of Consumer Responsiveness towards Insurance Offerings from the Bank ChannelTools Sun, Wai Mae (2008) Determinants of Consumer Responsiveness towards Insurance Offerings from the Bank Channel. [Dissertation (University of Nottingham only)] (Unpublished)
AbstractBancassurance; the selling of insurance through the bank’s established channels has had mixed success all over the world. Nevertheless, in Malaysia it has experienced remarkable growth in the short space of a decade, to become one of the main distribution channels. The success in certain markets was not so much the bancassurance model adopted as it was a combination of various factors; some of which are the successful collaboration between bank and insurer, the benefits reaped by the consumers in term of cheaper premium products, a favourable legal framework, size of banking and/or insurance network, degree of operations and systems integration between the bank and the insurer, amount of training and incentives to the bank sales force, simplicity of products and consumer behaviour. Previous studies tend to focus on the organisational aspects of bancassurance. There was very limited research from the consumer perspective, such as why consumers buy insurance from the bank channel, as opposed to other channels and what determines the degree to which the bank channel will be accepted for insurance purchase. This study attempted to address these questions. The study revealed that factors such as product complexity/simplicity, price/premium, degree of convenience in the purchase process, degree of convenience of after-sales service, the image of the bank and the reputation of the insurer have a bearing on customers’ receptiveness towards the bank as a distribution channel for insurance products
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