Published Online:October 2024
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:IJARAP241024
Author Name:E Pranavi and J Mamatha
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:515-526
This study explores the key motivational factors influencing customers to purchase insurance products through bancassurance channels in India. Employing a descriptive research design, the primary data were collected through a structured and pilot-tested questionnaire from a representative sample of 400 respondents across public and private sector banks. Seven motivational factors were examined: convenience, low service charges, high-paying features of insurance policies, service quality and variety, reputation and brand image, bank employee advice, and influence of well-wishers. The study integrates secondary data to contextualize the findings, and employs appropriate statistical controls to ensure validity. The results indicate that high-paying features and service quality are the most influential factors, with notable differences observed between public and private sector banks. The study contributes to the existing literature by identifying specific drivers of customer motivation in the Indian bancassurance sector and provides actionable recommendations for banks to enhance their service strategies, including leveraging digital platforms and improving customer engagement practices.
Bancassurance, the collaboration between banks and insurance companies to distribute insurance products, has evolved as a formidable distribution channel in the global financial services landscape. Originating in France during the 1980s, bancassurance has since gained prominence worldwide due to its potential to offer integrated financial solutions to customers, while optimizing resources for both banks and insurers (Aspfors, 2010).