Exploration of the Factors Influence Bancassurance as a Successful Corporate Synergy in Pakistan

Abstract

Existing theories on life insurance sector rarely focusing the factors behind Bancassurance as a successful corporate synergy. Bancassurance plays a vital role in development of life insurance sector of Pakistan. The rationale of this study is to identify the factors influencing Bancassurance as a successful corporate synergy. This research will further drive implications and develop new dimensions in corporate sector through Bancassurance as a successful business intermediary. For this research, qualitative methodology has been adopted. Thematic and framework analysis has been used as a tool for this research after interview transcription. The result obtained through thematic analysis is the customers are given a personalized insurance solution by Bancassurance, Bancassurance develops an institutional advantage for insurers and banks, Alignment of business culture, priorities, and vision is typically obvious in Bancassurance corporate practices, Non-financial benefits are expanded to include recognition as the primary motivator for corporate synergy. In many corporate organizations especially banks, Bancassurance has developed into a crucial component. Therefore, to expand the Bancassurance channel and establish themselves as a leader, banks and insurance firms require sustainable corporate plans. Most mass-market consumers seeking affordable, straightforward goods from a reputable provider now turn to insurance offers supplied through banks.