Promotional mix strategy in banks for bancassurance products

Abstract

Banc assurance is the sale of insurance products through a Bank. Marketing is a process through which a business enterprise, institution or organization interacts with the customers and stakeholders with the objective to earn profit. Bank Marketing is viewed as a tool in achieving the organizational objectives of a bank. With this background, this paper intends to probe into Promotional Mix Strategies practiced by the banks based on the perceptions of bank customers. Marketing, as a philosophy, is expected to guide the people, functions and all departments of a bank. Now-a-days marketing philosophy is very essential to banks. To overcome various types of risks, both manmade and natural, banc assurance is a panacea and one-stop-shop for Coastal Karnataka people. The banc assurance model was not well-positioned in banks of this region and the people were not aware of the opportunities of banc assurance products and its nature. Many banks are unable to tap the demand of banc assurance because of their failure to understand the demographic profile, products, economic situation and marketing strategies to increase the sales of banc assurance products to enhance their profit and retain their customers. These are Canara Bank and Corporation Bank which are leading in Coastal Karnataka as far as banc assurance is concerned. Research conclusions and inferences drawn were based on the findings of this intensive study. Other banks were kept outside the purview of this study.