A Qualitative Study on Bancassurance Products and Its Implementation for Efficient Customer Experience in Pakistan

Abstract

Distribution of life insurance product in Pakistan is challenging for insurers to facilitate customers. Bancassurance products develop a bridge of life insurance product distribution via bank to facilitate customers. The implementation of Bancassurance and its players, including banks, the distribution channel, insurance services, financial services, and service quality, are discussed in this research. Because of their relationship and trust with the bank, particularly the local bank branch, customers prefer Bancassurance. Digitalization is another crucial factor that can significantly improve this system. Adopting modern technology and digitalization can facilitate consumer accessibility and increase this product's sales. A qualitative methodology has adopted to conduct this research. Thematic analysis has applied as a tool of research in order to transcribe interviews conducted from 10 participants. Purposive sampling was used to collect data in order to obtain detailed information from interviewees. Bancassurance is a tactical arrangement that offers consumers insurance services in addition to numerous other financial services. The themes are generated from the factors explored during interview. Since it has a competitive edge over others, bancassurance has a wider scope than other channels. In a partnership, banks and insurance companies market each other's insurance products to their respective customers.