The Concept of Bancassurance and a Survey on Attitude of Bank Sales Personnel Towards Insurance Products
THE CONCEPT OF BANCASSURANCE
AND
A SURVEY ON ATTITUDE OF BANK SALES PERSONNEL
TOWARDS INSURANCE PRODUCTS
Prepared by Özberk Uğurer
Prepared for Aslı Yüksel Mermod
Istanbul, 09.01.2009
ABSTRACT
In this study, we will review the bancassurance which is a globally developing concept in both banking and insurance sectors around the world. The article will include definitions of general terms of assurance, overview of international and national statistics in recent years, and components of bancassurance. We will later focus on one of the major components of bancassurance, the sales force. The approach of bank sales staff to insurance products is directly related to success of bancassurance function of banks. To analyze the latter part, we will base on survey results conducted between sales personnel of Turkish banks. And lastly we will evaluate our findings to suggest ways of improving bancassurance performance of banks and service provided to customers. This survey is to draw attention to the bancassurance which has much more important role in a financially instable world with a lot of risks to hedge and provide insight to managerial positions of Turkish banks.
INTRODUCTION
The aim of this research is to analyze perspective of bank sales personnel on insurance products and to suggest methods for improving bancassurance performance of existing banks in Turkey. The whole finance world is shaken with recent crisis which showed us even the biggest financial actors around the world are susceptible to risks without proper risk management. Although Turkey was one of the lesser effected countries, bancassurance still have a greater importance to manage the risks of both financial institutions and their customers. In these times of need, improving bancassurance structure of the banks via reaching greater portion of customers with more educated and aware sales staff is very vital. By analyzing the attitude of financial advisors of Turkish banks
AND
A SURVEY ON ATTITUDE OF BANK SALES PERSONNEL
TOWARDS INSURANCE PRODUCTS
Prepared by Özberk Uğurer
Prepared for Aslı Yüksel Mermod
Istanbul, 09.01.2009
ABSTRACT
In this study, we will review the bancassurance which is a globally developing concept in both banking and insurance sectors around the world. The article will include definitions of general terms of assurance, overview of international and national statistics in recent years, and components of bancassurance. We will later focus on one of the major components of bancassurance, the sales force. The approach of bank sales staff to insurance products is directly related to success of bancassurance function of banks. To analyze the latter part, we will base on survey results conducted between sales personnel of Turkish banks. And lastly we will evaluate our findings to suggest ways of improving bancassurance performance of banks and service provided to customers. This survey is to draw attention to the bancassurance which has much more important role in a financially instable world with a lot of risks to hedge and provide insight to managerial positions of Turkish banks.
INTRODUCTION
The aim of this research is to analyze perspective of bank sales personnel on insurance products and to suggest methods for improving bancassurance performance of existing banks in Turkey. The whole finance world is shaken with recent crisis which showed us even the biggest financial actors around the world are susceptible to risks without proper risk management. Although Turkey was one of the lesser effected countries, bancassurance still have a greater importance to manage the risks of both financial institutions and their customers. In these times of need, improving bancassurance structure of the banks via reaching greater portion of customers with more educated and aware sales staff is very vital. By analyzing the attitude of financial advisors of Turkish banks
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