Market-Tržište, Vol. 28 No. 1, 2016.
Preliminary communication
Measuring Customer Experience in Bancassurance: An Empirical Study
Mousumi Choudhury
; Jawaharlal Nehru School of Management Studies, Assam University (A Central University)
Ranjit Singh
; Jawaharlal Nehru School of Management Studies, Assam University (A Central University)
Hemanta Saikia
; Kaziranga University
Abstract
Purpose – This study attempts to investigate customer experience with respect to the bancassurance channel.
Design/Methodology/Approach – The study is based on primary data collected using a structured questionnaire from customers buying life insurance policies from SBI Life through different branches of State Bank of India in the city of Guwahati in the state of Assam, India. Cronbach’s alpha was used to test the reliability of the questionnaire. Statistical tools, such as mean, standard deviation, and factor analysis were used to attain the objective of the study.
Findings and implications – The study found that customers have favorable experiences when buying life insurance through the bancassurance channel. There are seven core factors that affect customer experience in bancassurance: ease of buying, whether maturity benefit is received, reliability of the channel, responsiveness of the channel, after-sale services, stock market-related information, and accuracy of the channel. Banks should devise a strategy to sustain favorable experiences of their customers, as this enables banks to retain their existing customers while also attracting new ones.
Limitation – The study is restricted to customers buying life insurance policy from various branches of State Bank of India in Guwahati, India. Therefore, longitudinal and cross-sectional research is needed to generalize the findings.
Originality – The study is first of its kind and hence original in nature.
Keywords
bancassurance; customer experience; bank; insurance; factor analysis
Hrčak ID:
160388
URI
Publication date:
28.6.2016.
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