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Measuring Customer Experience in Bancassurance: An Empirical Study

Author

Listed:
  • 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.

Suggested Citation

  • Mousumi Choudhury & Ranjit Singh & Hemanta Saikia, 2016. "Measuring Customer Experience in Bancassurance: An Empirical Study," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 28(1), pages 47-62.
    • Handle: RePEc:zag:market:v:28:y:2016:i:1:p:47-62
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    References listed on IDEAS

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    1. Sunayna Khurana, 2013. "Analysis of Service Quality Gap in Indian Banking Industry," The IUP Journal of Bank Management, IUP Publications, vol. 0(3), pages 58-72, August.
    2. Grewal, Dhruv & Levy, Michael & Kumar, V., 2009. "Customer Experience Management in Retailing: An Organizing Framework," Journal of Retailing, Elsevier, vol. 85(1), pages 1-14.
    3. Lutgart Van den Berghe & Kurt Verweire, 2001. "Convergence in the Financial Services Industry*," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 26(2), pages 173-183, April.
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    Cited by:

    1. Elda Marzai (Abliz), 2019. "Customers’ Perception about Bancassurance in Romania," Ovidius University Annals, Economic Sciences Series, Ovidius University of Constantza, Faculty of Economic Sciences, vol. 0(2), pages 310-315, December.
    2. Mateja Kos Koklič, 2019. "Effect of Specialty Store Environment on Consumer’s Emotional States: The Moderating Role of Price Consciousness," Tržište/Market, Faculty of Economics and Business, University of Zagreb, vol. 31(1), pages 7-22.

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