Developing New Wave Marketing Initiatives to Optimize Bancassurance Distribution Channel: Case Study: PT ABL

Bancassurance is a business model that enables life insurance companies to sell their insurance products through their partnered banks. As part of its strategy, PT ABL has been focusing on the development of its bancassurance channel to help boost the company’s market share in the domestic life insurance market. The objective of this research is to develop marketing initiatives that can help PT ABL optimize its bancassurance channel in the current digital era. Prior to developing the proposed solution, both of the external and internal environment of the business are analyzed using Kotler’s anatomy of change, Porter’s five forces, STP, and marketing mix 4P’s frameworks. Purposive sampling method was used in this research. The primary data is obtained from interviews with internal respondents and a survey to external respondents. The survey shows that the three major factors that can positively drive the purchase decision are customer service quality, brand image, and premium price. Using both new wave marketing and marketing 4.0 concepts, the proposed marketing initiatives focus on improving customer experiences across the new customer path. To optimize its bancassurance channel, PT ABL needs to increase its brand awareness and improve its customer service quality through digitalization across its customer value chain.