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IDENTIFYING FACTORS INFLUENCING CUSTOMER EXPERIENCE IN

BANCASSURANCE: A LITERATURE REVIEW

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10 (2) 2021, 10-22 Submitted: 12 August, 2020
http://publishingindia.com/jcar/ Accepted: 02 March, 2021

IDENTIFYING FACTORS INFLUENCING CUSTOMER

EXPERIENCE IN BANCASSURANCE: A LITERATURE
REVIEW
Mousumi Choudhury*, Ranjit Singh**

Abstract The purpose of this paper is to identify and rank the significant factors that influence customer experience in bancassurance.
The paper also aims to develop future research agenda in this area. The study is based on secondary information collected primarily through
the review of existing literature. It is found that pleasant and welcoming branch environment, multiple service delivery channel, brand
and prices are the significant factors influencing customer experience in bancassurance channel. This finding will assist the Policymaker
to allocate resources in designing strategies to improve customer experience by considering the factors such as pleasant and welcoming
branch environment, multiple service delivery channel, brand, prices, service quality and friendliness of bank personnel. Experience
that a customer gain throughout these factors should be made unique and memorable. This study is the first one that uses the literature
review method in the area of bancassurance, in particular, and customer experience, in general. This paper will be useful to researchers,
academicians and those working in the area of bancassurance and in their understanding about the various factors that influence customer
experience in bancassurance. This will also help them to assess the avenues of customer retention in bancassurance.
Keywords: Bancassurance, Bank, Customer Experience, Insurance

Traditionally, insurance was sold by insurance agent. But the

INTRODUCTION entry of bancassurance business poses a different channel for
customers in availing insurance service.
Bancassurance is a business model where bank and
insurance companies tie up for selling insurance policy to the Therefore, in bancassurance business, banks face competition
customers. In this model, insurance policies are sold through not only within banking industry but with insurance industry
a bank’s established distribution channels (Aggrawal, 2004 also. In an era of financial business where product, price,
& Rani, 2014). Thus, it is the concept of selling insurance people and technology are all so similar (Drotskie, 2009), it
plans by bank along with a complete range of banking is a challenge for bancassurance channel to attract and retain
and investment products and services (Venugopal, 2011). its customers. In such a scenario, differentiation is the key to
success (Varma, 2012). A sustainable competitive advantage
The rise of bancassurance business can be bestowed to
can be achieved by focusing on customer experience
the development of new technologies, universalization
(Pine & Gilmore, 1999; Heineke & Davis, 2007). This is
of banking operations and diversification in non-banking
because unlike many product or service enhancements, the
financial activities. All these factors have diminished the holistic nature of these experiential designs is very difficult
boundaries that have kept various financial services separate for competitors to copy (Berry & Parasuraman, 2002). In
from each other. Bancassurance is one of the results of such banking, customer experience is an important differentiator
financial conglomeration. By selling insurance policies, the (Croxford et al., 2006). It is, therefore, the customer
bank earns revenue apart from interest. It is called as fee- experience that can make the difference in bancassurance
based income. This income is purely risk free for the bank channel (Shaw, 2005; Thompson, 2005) and enable the
since the bank simply plays the role of an intermediary for channel to develop competitive advantage (Shukla, 2007)
sourcing business to the insurance company (Wu, 2008). over its competitors.

*
University of Science and Technology, Meghalaya, India. Email: mousumichoudhury6@gmail.com
**
Indian Institute of Information Technology, Allahabad, Uttar Pradesh, India. Email: ranjitsingh@iiita.ac.in
 Identifying Factors Influencing Customer Experience in Bancassurance: A Literature Review 11

Bank initiates bancassurance business due to financial Rest of the paper is organized as follows: section 2 presents
benefits. Acting as corporate agents of Insurance Company, methodology and approach to the literature, section 3 deals
bank earns risk-free fixed income, which is an additional with findings and discussions, section 4 discusses about
source of revenue for the banks (Paramasivan & Naidu, implications of the study, section 5 points out the conclusion
2014; Hota, 2016). A positive significant relationship is of the study and section 6 underlines the development of
found between increase in bancassurance activities and future research agenda.
profitability and productivity of the banks (Karimian,
2017; Grover & Bhalla, 2013). For insurance companies, METHODOLOGY AND APPROACH TO THE
bancassurance is found to be Cost-Effective Distribution
channel among other traditional channels (Davis, 2007). LITERATURE
Bancassurance thus posits as profitable compliment for
both banks and insurance companies (Sreesha & Joseph, Systematic Literature Review
2011). This acts as a motivating factor for banks as well as
for insurance companies to scan and improve the important The primary purpose of the literature review is to examine
elements effecting customer experience in bancassurance the existing research that includes empirical papers, review
channel in order to attract and retain customers. papers, case studies, and proceedings and to identify the
For the past decade, customer experience has enjoyed various factors that influence customers experience in
remarkable attention in financial service sector including bancassurance channel. The study presents a review of
banking sector and insurance sector. It is believed that research related to the factors affecting customer experience
customer experience adds competitive advantage to service in bancassurance published in reputed academic journals.
firms (Johnston & Kong, 2011; Pine & Gilmore, 1998; The papers published from 2001 to 2019 have been
Haeckel et al., 2003). However, there is a dearth of research chosen for the review. The reason behind selection of this
regarding customer experience in bancassurance channel period is that evolution of bancassurance is divided into
(Ricci, 2012). Such attention has prompted call for study three phases—prior to 1980 to around 1990s. It is around
devoted to customer experience in bancassurance. There 1990s, the supply of insurance products by banks become
is a lack of unified approach of customer experience in much more diversified (Daniel, 1995). Therefore, studies
bancassurance, which creates challenges for researcher conducted from 2001 to 2019 are reviewed to get the trend
to disseminate meaningful implication for managers and from flourishing period of bancassurance business to recent
policymaker to foster superior customer experience in time. Thus, a review of the studies falling in this period is
bancassurance business. To mitigate these challenges expected to give an account of overall trend of research in
and to create a unified customer experience approach in customer experience. The citation analysis has also been done
bancassurance business, this study seeks to develop a set of to draw inferences from the review of existing literature. The
fundamental premise that identifies and reconciles elements literature was collected from Google scholar. Only the most
that are applicable to influence and create superior customer relevant studies have been chosen to ensure the quality of
experience in bancassurance. this paper. The papers considered for the literature review
are selected based on a systematic literature review.
To address this issue, the present study undertakes
systematic literature review to identify factors influencing The “customer experience in bancassurance” is a broad
customer experience in four key fields: banking, insurance, term that comprises of various issues, matters, and subjects
bancassurance and financial service. By analyzing these related to banking and insurance sector and financial service
literatures, the study develops fundamental premise of sector in general. Thus, the study focuses on the literatures
factors effecting customer experience in bancassurance. The that explain the factors influencing customer experience
fundamental premises proposed herein can support more in banking, insurance service, bancassurance channel and
rigorous studies and results that will have more meaningful financial service, in general. The papers published from 2001
implications for bancassurance channel. to 2019 with a focus on customer experience in banking,
insurance and bancassurance and financial service were
In the light of all these aspects, the present study undertakes chosen for the study.
review of existing literatures to develop a comprehensive
understanding of the factors that influence the customer The research papers were identified through a systematic
experience in bancassurance. The study further uses Best- review process that comprised searching keywords in the
Worst method to rank the factors of customer experience that abstract of the database. The systematic review process brings
are significant in bancassurance channel. transparency and helps in the selection of relevant articles.
12 Journal of Commerce & Accounting Research Volume 10 Issue 2 April 2021

The keywords used were “customer experience in bank”, The first search presented a total of 346. The resulted 346
The first search presented a total of 346. The resulted 346 papers were analyzed further. After
“customer experience in insurance”, “customer experience papers were analyzed further. After the analysis of the
analysis of the abstracts, 112 studies related toabstracts,
in bancassurance”theand “customer experience in financial 112 studies
customer experience related services
in financial to customer experience in
service”. The keywords were searched on Google scholar. financial services were found. In the next step, full-text
The database search was
were doneInbetween
found. the next 11
th
step,November 2019of 112
full-text analysis analysis of 112
studies was donestudies
to ensurewasthe done to ensure the relevancy
relevancy
rd
and 23 February 2020, and therefore, included all articles of the searched results. This process led to the finding of
of the searched results. This process
that had been accumulated in the database at that point inled to the 46
finding ofmost
46 appropriate
most appropriate articles
articles for
for study.
study. The process of a
time. systematic review of the literature followed in the study is
The process of a systematic review of the literaturegivenfollowed in the1.study is given in Figure I.
in Fig.

Records identified through the database searches

(Title/abstract contains: (“customer experience in bank", "customer experience in insurance",
Identification

"customer experience in bancassurance” and “customer experience in financial service”)

(Publication date range: 2001 to 2018)
(Databases: goggle scholar)
(n=346)

Records screened by abstract

(n = 112)
Screening

Full- text articles assessed for

eligibility
Eligibility

(n =112)

Articles included in the Excluded irrelevant

qualitative study articles
Included

(n= 46) (n=66)

Source: Prepared by Authors Source: Prepared by Authors

<FIGURE HEAD>Fig. 1: Steps Carried Out for the Systematic Review of the
Fig. 1: Steps Carried Out for the Systematic Review of the Literature
Literature
FINDINGS AND DISCUSSIONS used to mean an individual experience over one transaction
or multiple of them (Varma, 2012). Customers have
The term customer experience (CE) means the sum of all favorable experience of buying insurance policy through
experiences a customer has with a supplier of goods or bancassurance channel (Choudhury & Singh, 2015a).
services, over the duration of their relationship. It is a journey Experience of customers for insurance service through
which makes the customer feel happy, satisfy and justify bank is high, as banks have developed a strong customer
with a sense of being respected, served and cared, according focus resulting in simpler and more transparent products
to his/her expectation or standard. It starts from first contact designed for the large customers (Berghe & Verweire, 2001).
and continued through the whole relationship. It can also be Morgan (1994) emphasized the need to create integration as
 Identifying Factors Influencing Customer Experience in Bancassurance: A Literature Review 13

fundamental to the customer’s experience of Bancassurance. 2004; Madhukumar & Deepak, 2018; Chahal & Dutta,
Bancassurance channel is also experienced by customers as 2014).
reliable (Choudhury & Singh, 2015b; Singh & Choudhury, ●● After-Sale Services: After-sale services like helping
2017) and responsive (Choudhury & Singh, 2015c; Singh & to get loan on insurance policy and revival of lapsed
Choudhury, 2017). Cotham, Ross and Rajagopalan (2008) insurance policy by bancassurance channel help
found that the customer experience of bancassurance in enhance customer experience (Choudhury et al., 2016;
the market of Asia (China and India) is far from delightful. Payne et al., 2008; Munusamy et al., 2010; Handro,
Accenture (2013) in their report concludes that in today’s 2018).
commoditized insurance environment, customer experience
●● Receiving Stock Market-Related Information:
is becoming one of the primary drivers of differentiation in
Receiving stock market-related information and
insurance industry. Delivering an exceptional and unique
fund value information about fund value from
customer experience improves profitability by reducing
bancassurance channel influence customer experience
costs, increasing retention and achieving a higher share of
from the channel (Choudhury et al., 2016; Garg et al.,
wallet. Capgemini and efma (2013) explains that insurers
2014; Chahal & Dutta, 2014).
must enhance customer experience to improve retention.
Their report reveals that only 30% of insurance customers ●● Accuracy of the Channel: Accuracy of the
report a positive “insurance customer experience” and 70% bancassurance channel in providing policy document
of insurance customers are at risk of competitive attack and keeping accurate records of premium affect
or switching carriers due to absence of positive customer customer experience (Choudhury et al., 2016; Grace
experience. Market leaders in insurance business have & O’Cass, 2004).
viewed customer experience as a means to demonstrate true ●● The Facility to Get the Claim Payments: The facility
customer centricity. The findings and discussions in respect provided by bancassurance channels to get the claim
of factors affecting customers experience are classified into payments in the bank account is found to be one
two parts. First part is the factors affecting the customers of the factors influencing customer experience in
experience and second part discusses about the rank of the bancassurance (Goverdhan, 2008; Kumar & Pandey,
factors. 2013; Michaels, 2013).
●● Digitization of the Process: Using of digital elements in
the process of selling insurance policy to the customer
The Factors
influences customer experience (Mckinsey, 2016).
The factors that influence customer experience as identified To create a better customer experience, technology
from various literatures are given below: opportunities should be available at every step of the
service provision. Easy-to-use technology facilitates
●● Ease of Buying: Choudhury et al. (2016) found that the customer’s purchase and consumption process and
ease of buying insurance policy from bank that also thus creates a positive user experience (Garg et al.,
include convenience of paying premium affects 2014; Mbama, 2018; Kumar & Hegde, 2019).
customer experience in bancassurance (Goverdhan,
2008; Kumar & Pandey, 2013; Byers & Lederer, 2001; ●● Satisfaction on Service: Customer satisfaction with the
Klaus & Maklan’s, 2013; Garg et al., 2012). purchase services, manager service, appropriateness of
documents and quality of documentation provided by
●● Receiving Maturity Benefit: Procedures and time the bancassurance channel affect customer experience
required in getting maturity benefit enhance customer (Kaley, 2019; Patricio et al., 2011; Madhukumar &
experience in bancassurance (Choudhury et al., 2016; Deepak, 2018; Bhatt, 2015).
Goverdhan, 2008 and Kumar & Pandey, 2013).
●● Opinion about Staff: Customer opinion about the staff
●● Reliability of the Channel: Suggesting most suitable as well trained, well supervised, knowledgeable and
policy and giving individual attention to customers professional also contributes in forming customer
affect customer experience in bancassurance experience (Kaley, 2019; Bhatt, 2015).
(Choudhury et al., 2016; Grace & O’Cass, 2004;
Suvarchala & Rao, 2018). ●● Recommendation for Business: Providing financial
advice by the channel has a significant impact on the
●● Responsiveness of the Channel: Giving information customers’ perceived experience (Kaley, 2019; Klaus
about new policies in market and changes in regulation & Maklan, 2013).
of policies play a role to create good customer
experience (Choudhury et al., 2016; Grace & O’ Cass, ●● Documentation Process:Accuracy of the documentation
process followed as well as documentation delivered
14 Journal of Commerce & Accounting Research Volume 10 Issue 2 April 2021

result in good customer experience (Kaley, 2019; Garg of service experience (Calisir & Gumussoy, 2008;
et al., 2014; Suvarchala & Rao, 2018). Suvarchala & Rao, 2018).
●● Service Quality: Service quality effects customer’s ●● Past Experiences: Consumer’s past experiences and
experience with company’s service (Prasad, 2015; interactions with the retailer create an image and
Bhatt, 2015). Service delivery and service quality perceptions which influences how the customers
shape customer experiences (Byers & Lederer, 2001; experience (Ramathe, 2010; Klaus & Maklan, 2011,
Mbama & Ezepue, 2018). Improving service quality Klaus & Maklan, 2013; Suvarchala & Rao, 2018).
is crucial for banks to deliver an outstanding customer ●● Brand: A consumer’s beliefs about the brand and
experience (Wulandari & Maharani, 2018). the amount of a consumer’s experience with an
●● Friendliness of the Bank Personnel: The level of evoked set of brands are important determinants of
comfort to interact with the bank personnel influences customer experience in retail banking (Ramathe, 2010;
O’Loughlin et al., 2004; Suvarchala & Rao, 2018;
customer experience (Bhatt, 2015). Employees who
O’Loughlin & Szmigin, 2004; Yasin et al., 2019).
are helpful, caring and friendly create better experience
for their customers (Miguel-Davila, 2010; Jeon & Yoo, ●● Prices: The retail banking consumers evaluate financial
2016; Garg et al., 2014; Musriha, 2012; Suvarchala & products on price (Byers & Lederer, 2001; O’Loughlin
Rao, 2018; Garg, et al., 2012). et al., 2004). Prices of service being an important
element of marketing mix appear to have a significant
●● Pleasant and Welcoming Branch Environment: Branch impact on customer experience (Devlin & Gerrard,
layout, design and environment of the surroundings, 2004; Suvarchala & Rao, 2018; Mashingaidze, 2014;
lightning and other sensory clues have a positive impact Haery & Farahmand, 2013).
on the customer experience (Garg et al., 2014; Bhatt,
●● Designing of Service Offering: By carefully designing
2015). Modern branch designs that incorporate plasma
the service offerings, a service provider can create a
TVs, internet stations and modern furniture influence memorable customer experience (Ramathe, 2010).
customer experience (Sharma & Mehta, 2004; Grace Services that are designed to meet the customer’s needs
& O’Cass, 2004, Jeon & Yoo, 2016, Madhukumar & (Jeon & Yoo, 2016) by appropriately integrating the
Deepak, 2018; Suvarchala & Rao, 2018; Chahal & company’s investments in physical assets, processes,
Dutta, 2014; Garg et al., 2012). people skills and materials enhance customer
●● Multiple Service Delivery Channels: Various channels experience (Suvarchala & Rao, 2018).
may be used for efficient and seamless delivery of ●● Customer Communication Management: North
services with a focus to broaden the dialog and deepen America is leveraging customer communications
the relationship between the advisor and the banking and document management to enhance the customer
customer, hence improving the customer experience experience (Breading & Partner, 2014). Customer
(Laukkanen, 2007; Yap et al., 2010; Ioannou & communication management is initiated in insurance
Zolkiewski, 2009; Manoj, 2016). The customer’s industry to provide personalized experiences to
response and interpretation of service encounters and customers (Cognizant, 2013). Communication
interactions, through multiple channels, with a service elements are important for customer experience in all
provider, creates a perception in the customer’s mind product or service search (GMC, 2015).

Table 1: Reviews of Factors Effecting Customer Experience

Factor Study Area of Research No. of Citations

Ease of Buying Choudhury et al., 2016; Kumar and Pandey, 2013 Bancassurance 6
Goverdhan, 2008 Insurance
Byers and Lederer, 2001; Klaus and Maklan, 2013; Garg, et al., 2012 Bank
Receiving maturity Choudhury et al., 2016; Kumar and Pandey, 2013 Bancassurance 3
benefit Goverdhan, 2008 Insurance
Reliability of the channel Choudhury et al., 2016 Bancassurance 3
Grace and O’ Cass, 2004; Suvarchala and Rao, 2018 Bank
Responsiveness of the Choudhury et al., 2016 Bancassurance 4
channel Grace and O’ Cass, 2004; Madhukumar and Deepak, 2018; Chahal Bank
and Dutta, 2014
 Identifying Factors Influencing Customer Experience in Bancassurance: A Literature Review 15

Factor Study Area of Research No. of Citations

After-sale services Choudhury et al., 2016 Bancassurance 4
Payne et al., 2008 Financial Service
Munusamy et al., 2010; Handro, 2018 Bank
Receiving stock market- Choudhury et al., 2016 Bancassurance 3
related information Garg et al., 2014; Chahal and Dutta, 2014 Bank
Accuracy of the channel Choudhury et al. 2016 Bancassurance
Grace and O’ Cass, 2004 Bank 2
The facility to get the Goverdhan, 2008, Michaels, 2013 Insurance 3
claim payments Kumar and Pandey, 2013 Bancassurance
Digitization of the Mckinsey, 2016 Insurance 4
process Garg et al., 2014; Mbama, 2018; Kumar and Hegde, 2019 Bank
Satisfaction on service Kaley, 2019 Bancassurance 4
Bhatt, 2015; Patricio et al., 2011; Madhukumar and Deepak, 2018 Bank
Opinion about staff Bhatt, 2015 Bank 2
Kaley, 2019 Bancassurance
Recommendation for Kaley, 2019 Bancassurance 2
business Klaus and Maklan, 2013 Bank
Documentation process Kaley, 2019 Bancassurance 3
Garg et al., 2014; Suvarchala and Rao, 2018 Bank
Service quality Prasad, 2015; Bhatt, 2015; Byers and Lederer, 2001; Mbama and Bank 5
Ezepue, 2018; Wulandari and Maharani, 2018
Friendliness of the bank Bhatt, 2015; Garg et al., 2014; Garg, et al., 2012; Suvarchala and Bank 7
personnel Rao, 2018, Miguel- Davila ,2010; Musriha, 2012; Jeon and Yoo, 2016
Pleasant and welcoming Garg et al., 2014; Bhatt, 2015; Grace and O’ Cass, 2004; Jeon and Bank 9
branch environment Yoo,2016; Madhukumar and Deepak,2018; Suvarchala and Rao,
2018; Chahal and Dutta, 2014; Garg et al., 2012; Sharma and Mehta,
2004
Multiple service delivery Laukkanen, 2007; Yap et al., 2010; Ioannou and Zolkiewski, 2009; Bank 6
channels Manoj, 2016; Suvarchala and Rao, 2018; Calisir and Gumussoy, 2008
Past experiences Suvarchala and Rao, 2018; Klaus and Maklan, 2013; Ramathe, 2010, Bank 4
Klaus and Maklan, 2011
Brand Suvarchala and Rao, 2018; Ramathe, 2010; Yasin, et al., 2019 Bank 5
O’Loughlin et al., 2004; O’Loughlin and Szmigin, 2004 Financial service
Price O’Loughlin et al., 2004 Financial service 6
Byers and Lederer, 2001; Suvarchala and Rao, 2018; Mashingaidze, Bank
2014; Devlin and Gerrard, 2004; Haery and Farahmand, 2013
Designing of Service Suvarchala and Rao, 2018; Ramathe, 2010; Jeon and Yoo, 2016 Bank 3
offering
Customer communica- Breading and Partner, 2014; Cognizant, 2013; GMC, 2015 Insurance 3
tion management
Source: Compiled by authors
From Table 1, it can be inferred that most of the scholars IMPLICATIONS OF THE STUDY
have identified pleasant and welcoming branch environment
as the most significant factor of customer experience
in bancassurance followed by multiple service delivery Policy Implications
channel, brand, prices, service quality, friendliness of bank
personnel, and ease of buying. All these factors have got The policymakers should pay attention to these factors
researchers’ attention over a period of time. while framing strategies for delivering unique customer
16 Journal of Commerce & Accounting Research Volume 10 Issue 2 April 2021

experience through bancassurance channel. Policymakers 2017). Sending location data from the mobile phone to the
should make it a part of the policy to have a standard insurer can not only allows insurers to get a better idea of
requirement of certain tangible facilities such as comfortable the risks a specific customer is taking, but also allows to
sitting arrangement, ventilation, lighting, waiting area, air provide extra services and cross-selling opportunities to
conditioners, computer, etc., for the banks willing to start the customer. For examples, when customer is driving to
bancassurance operations in order to enhance customer’s the airport or is located abroad, but does not have a travel
experience. These are important because tangible aspects of insurance opened yet, the insurer could propose him to open a
the service organization have a critical role in delivering the travel insurance (Mckinsey, 2017). By using digital platform
service experience (Siami & Gorji, 2011). Online platforms of other industry apps, an insurance company can obtain
should be promoted and should be made reliable so that new customers who were not even thinking about the related
people start using this platform. This is because financial insurance aspects. For example, apps that sell perceived risky
sector customers regularly use a combination of channels activities, like extreme sports, parachute jumping, flying and
(Liao & Cheung, 2002; Sathye, 1999). This involves paying travel to dangerous area can sell short-period life insurances
premium online or at the ATM machine, online filling up (Institute of International Finance, 2016). Bancassurance
of form for claim/revival of policy etc. Policymaker can firms, thus, should turn themselves into multichannel
build Open Insurance system that refers to the capability of organizations, retailing simultaneously through various
insurance companies to expose their services with the help channels to offer better service to their consumers (Sousa
of external partners. Thus bringing value-added service to & Voss, 2006). The financial sector in particular has been
their customers. In this system, companies, interconnected employing multichannel strategies for a long time to interact
through open APIs (Application Programming Interfaces), with customers (Easingwood & Storey, 1996; Pikkarainen et
form a true API ecosystem, offering best-of-breed customer al., 2004). Multichannel system of service delivery influence
experience, by combining the digital services offered by customer’s perception of value regarding the bancassurance
multiple companies. Adopting ecosystem will create new channel (Kabadayi et al., 2017). In financial services where
source of revenue for insurance company (Mckinsey, 2018). there is little opportunity to differentiate between competitors
Customers no longer want to buy a standardized insurance (Berry et al., 1988; Dobree & Page, 1990; Balmer, 1995;
product, but instead want to input the risk for which they Peklo, 1995), the brand is considered to be a strategic tool
want to get insured and receive a tailor-made offer from that banks can practice to attract new customers, develop
their insurance company (McKinsey, 2017). Therefore, strong relationships and achieve competitive advantage
experience should be customer-centric, rather than the (Devlin & Azhar, 2004; O‘Loughlin & Szmigin, 2005;
product-oriented approach that most insurers currently De Chernatony & Cottam, 2006). Financial products and
offer. Ultimately, insurers should shift from building full services brands offer a lot of benefits for the clients as well
end-to-end insurance solutions to assembling best-of-breed as for the financial organizations. Therefore, policymakers
insurance services tailored to meet the customer needs. may advocate branding practice for bancassurance channel.
Internet has changed the way of doing business completely. Since bancassurance is a combination of bank and insurance
Insurers, therefore, need to transform themselves to an “Open company, the channel by default carries the brand of these
Insurer”. This can only be achieved by creating an open API financial institutions. To be successful in using brand, the
ecosystem, which is beneficial for all involved parties (PWC, channel must make itself capable of delivering the promises
2019). In practice, this API ecosystem digital platform would conveyed through different brand elements (brand name,
resemble an “App store” with services offered by the different a logo, a symbol, the letters and the slogan) of Bank and
parties involved in the ecosystem. The customer would be in Insurance Company (Vukotic et al., 2015). This can be
the driving seat to choose the service and user interface that done in terms of TV commercials, brand ambassadors
suits him best. Once having made this choice, the customer and advertisements, and these need to be relevant to the
would give consent to the party to use specific data present customer (Kapoor & Vij, 2017). Consistent messaging
in the ecosystem. For example in case of life insurance, through performing core services well, reaching customers
wearable sensors (e.g. Fitbit) can be used to monitor health emotionally, and associating brands with trust also builds
activities and communicate the results back to the company strong brand (Berry, 2000). This is important as customer
for lower life insurance premiums. Different biometric experience also include customer’s encounter with the brand
readings can be collected, like heart rate, body temperature, and the experience that brand provides to customer (Meyer
blood pressure, movement, calorie burn-rate, alcohol & Schwager, 2007). Social media also plays a potential
consumption, etc., which can be used to encourage healthy role for stimulating memorable brand experience through
habits into a point system and the expected life expectancy meaningful interaction with customers (Dawes-Farquhar &
can be provided. A term life offer is made based on this, and Robson, 2015). In insurance, pricing refers to determination
the term period can be selected by the policyholder (OECD, of premium that should be paid for insurance services.
 Identifying Factors Influencing Customer Experience in Bancassurance: A Literature Review 17

Pricing strategies in life insurance are reactive and feedback become more price-sensitive. The Internet allows customers
of market conditions determines price of insurance services. to obtain an overview of the market much quicker and
Therefore, policymakers can conduct pricing on the basis easier. Thus, well-informed customers are less willing to pay
of effective variables such as bank interest rate, industry high management or transaction fees (Capgemini, 2006).
return rate and prediction of future conditions like economic Therefore, the manager can consider “Orthodox” approach
inflation in the country (Torkestani & Borujerdi, 2014). of marketing regarding the price policy of bancassurance
service. This means setting the price considering the fact
that how much is the client going to pay for the benefits he
Managerial Implications receives and not from the traditional way of calculating the
costs of production and adding of a “reasonable” margin for
Managers should allocate their resources for improving these the sale costs and profit (Luliana & Mihail, 2007).
factors to achieve the competitive advantage. The branch
environment and ambience should be a matter of concern
while delivering service to the customers. Enhancement of Academic Contribution
branch environment can be done by focusing on furniture,
decorations, comfortable sitting arrangements, restful This study contributes to the literature, as it presents about
waiting areas, the modern looking equipment, visual the factors affecting customer experience of bancassurance.
appealing part of banks, security doors, employee uniforms The study attempts to fill the gap by highlighting basic
and professional appearance, cleanliness and space of restrain to the customers’ experience in bancassurance.
banking halls, logos, flags and colors, and ATMs, computers It provides some key implications in the concerned area
and lighting, and exterior and interior décor, pamphlets, of research. It is seen in the study that there has not been
charts and magazines about banking etc. (Mittal et al., 2015; any specific research on identifying the factors affecting
Petridou et al., 2007). Since bancassurance is a service, to customer experience in bancassurance and identifying such
create a better customer experience, tangible elements are factors through this research is definitely going to help the
also delivered with the service (Kamaladevi, 2010; Hoffman scholars working in this field to understand the issues. The
& Turley, 2002; Sharma & Mehta, 2004). The manager identification of various factors in this paper has been done
needs to make certain that bancassurance service to be based on the outcomes of numerous studies conducted in
delivered through more than one channel. With the advent various contexts and cultures, and the suitability of these
of internet, customers are using technology for information should be empirically examined in future research.
request or routine procedures, but for services such as loan
requirement or financial investment, customers still prefer CONCLUSION
a face-to-face contact at the physical branch (Buclin et al.,
1996). Therefore, many customers have no single favorite The study shows that pleasant and welcoming branch
channel for dealing with the firm and using a combination environment, multiple service delivery channel,
of channels (Liao & Cheung, 2002; Sathye, 1999). They brand and prices are the significant factors that affect
have become multichannel users (Ansari et al., 2008; customer experience in bancassurance channel. Pleasant
Dholakia et al., 2005). Therefore, a manager can implement and welcoming branch environment means physical
Multichannel Customer Management (MCM) system, which environment of service (Bitner, 1992). Multiple service
is the use of more than one channel or medium to manage delivery channels lead to multichannel interaction with
customers in a way that is consistent and coordinated customers (Schmitt, 2003). Thus, it can be said that all
across all the channels or media used (Stone et al., 2002). the important antecedents of customer experience namely
Such management provides customers with a consistent physical environment, price, brand and multichannel
experience in whatever channel they use (Neslin & Shankar, interaction are significant for enhancing customer’s
2009). In bancassurance, banks sell the insurance product experience in bancassurance channel (Clatworthy, 2012; Li et
under its brand (Gujral, 2018). The channel can thus take the al., 2011; Schmitt, 2003; Fatma, 2014). Gentile et al. (2007)
advantage of bank’s brand name for selling of the insurance have proposed five elements of customer experience namely
products in a more sophisticated way (Gujral, 2015). sensorial component, emotional component, pragmatic
Bancassurance operations that tend to be bank branded are component, lifestyle component and relational component.
most successful (Brophy, 2013). Since insurance contracts From the findings of the present review of literature, it
are financial statements, financial models are applied for can be deduced that among the five elements of customer
insurance pricing (Phillips et al., 1998). However, there is experience, two elements that effect customer experience
a positive relationship between demand and price of life in bancassurance are sensory component which includes
insurance (Farmer & Mantis, 1968). Today’s customers have pleasant and welcoming branch environment and cognitive
18 Journal of Commerce & Accounting Research Volume 10 Issue 2 April 2021

component that includes price, brand, multiple channel of Bitner, M. J. (1992). Servicescapes: The impact of physical
sales delivery (Haery & Farahmand, 2013). Therefore, surroundings on customers and employees. The Journal
policymakers should consider these above-mentioned of Marketing, 56(2), 57-71.
components and antecedents of customer experience in Berghe, V. D., & Verweire, K. (2001). Convergence in the
designing strategies to enhance customer’s experience in financial services industry. The Geneva Papers on Risk
bancassurance channel. This is because creating superior and Insurance, Issues and Practice, 26(2), 173-183.
customer experience has become an essential component
Breading, M., & Partner. (2014). Improving the customer
of business profitability and customer loyalty (Lywood et
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media/131440/sma-insurance-customer-experience-
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DEVELOPMENT OF FUTURE RESEARCH strategy: A model of traditional, electronic, and mixed
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The present study attempts to suggest future course of Berry, L. L., & Parasuraman, A. (2002). Internal marketing:
investigation for conducting research. The factors influencing Directions for management. New York: Routledge.
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Bell, C. (2005). Make your customers come back for more
present study. An empirical investigation is required to be
(p. 10).
taken up to study the impact of each of the factors upon
customers’ experience. The factors identified in the study are Balmer, J. M. T. (1995). Corporate branding and
not constant and therefore, to know the impact of changing connoiseurship. Journal of General Management, 21,
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study can be done to find out if there is any difference in what’s in a name? Harvard Business Review, 66, 28-30.
factors affecting customer experience in bancassurance Buclin, L. P., Ramaswamy, V., & Majumdar, S. K. (1996).
channel and traditional channel of buying insurance policy. Analysing channel structures of business markets via
Future research can also be done to examine the significance the structure-output paradigm. International Journal of
level of these identified factors on bancassurance customer’s Research in Marketing, 13(11), 73-87.
experience under different economies (e.g., underdeveloped,
Berry, L. (2000). Cultivating service brand equity. Journal
developing and developed economy).
of the Academy of Marketing Science, 28, 128-137.
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increasing usage of online banking, future research can also The AXA Irish experience. Journal of Product & Brand
be conducted to find out the extent of impact of pleasant Management, 22, 293-299.
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Bhatt, J. B. (2015). Customer experience: A key to
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Multidisciplinary Research Journal, 2(3), 1-4.
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Chahal, H., & Dutta, K. (2014). Measurement and impact of
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