Abstract
The aims of this paper are (1) search for the key factors of bancassurance operation in mainland China; (2) explore the weight of each key success factor; (3) identify performance gaps typically measured as performance minus key success factors. This study besides reviewing literatures and interviewing with experts, also adopts the modified Delphi Method and the Analytical Network Process (ANP) to construct a framework of key success factors of bancassurance. Then, the Importance Performance Analysis (IPA) is applied to identify the performance of each key success factor for bancassurance. The finding offers the decision-maker for the revision of the bancassurance strategy that had been inappropriate. In other words, the strategy maker can identify the weakness and strength of their bancassurance strategy, and allocate their resource accordingly as well.
Highlights
Bancassurance becomes the most popular insurance selling channel in mainland China
The purpose of attitude survey was to collect data with regard to the performance of each key success factor identified through Delphi Study in this research
The respondents were asked to answer the level of performance for each key success factors for bancassurance
Summary
Bancassurance becomes the most popular insurance selling channel in mainland China. According to the statistical reported by China Insurance Regulatory Commission, the premium income from bancassurance increased from RMB 127.8 billion to 339.9 billion during 2006 to 2008. Bancassurance has accounted for 45.6% of total first year life insurance premium income in 2008 compare to 31.0% in 2006. The strategic planners in banks or insurers, often lack objective decision-making procedures and clear-defined evaluations criteria while identify the key success factors for bancassurance, not to mention to assess the weight and practical performance of each key factor. To fill this gap, the purposes of this paper, first of all, is to search for the key success factors for bancassurance in the mainland China area. Is to identify performance gaps typically measured as performance minus key success factors
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