Adoptive bancassurance models transforming patronization among the insured

Abstract

Adoptive bancassurance model is an imperative and flexible developmental model focusing on the concept of a strategic approach that banks adopt in contradiction with other models where control remains rigid. The primary objective pertaining to the study is to determine all reliable characteristics that emerge from the adoption model, which modifies user patronization behaviours. A descriptive study design and a judgemental sampling method are utilized to study the respondents in the Metropolitan area of Chennai City. A Self-designed structured questionnaire was employed to collect data from a sample size of 343, carried out between March-July 2024. Using IBM SPSS and AMOS, the gathered data is analysed using frequency analysis, model fit index, and structural equation modelling. The study asserted that the six adopting bancassurance model indices of Credibility, Personalization, Financial inclusion, Digitalization, User Interface, and Consumer Literacy, had a beneficial impact on insureds' patronage. The adoptive model's user interface's unexplored sense of flexibility goes beyond its basic features. The effects of the insured perspective on customer satisfaction, financial inclusion, and market competitiveness guide the industry toward regulated insurance product simplification and guarantee penetration. Adoptive bancassurance models effectively improve client access to insurance and expedite service delivery while promoting consistency and new product development for client retention and growth. The flexibility of adoptive models provides access to insurance through banking channels, endorsing financial inclusion and literacy, and ensuring socioeconomic stability, especially for those living in underprivileged areas.