Chapter 3: Customer Perceptions and Preferences for Bancassurance Services in Public and Private Sector Banks of Punjab

A new normal trend called digitalisation in services has intensified the workings of banks and insurance companies with a buzzing concept called digital bancassurance through which customers are provided with their required facilities through online mode at one click. Financial organisations are looking ahead to augment their servicing considering the satisfaction level as well as intentions of customers regarding digitalisation of banking services especially bancassurance. The vital forces which influence the perceptions of customers regarding their decision to buy insurance through banks and that through online mode are identified by banks as well as insurance companies for improving overall efficiency of the bancassurance services. The distribution and adaption of financial services have changed as a consequence of the expansion of digital technology. Digital platforms that combine banking and insurance services have the ability to change customer preferences and experiences. The following study seeks to examine the customer perceptions and preferences for bancassurance services in public and private sector banks of Punjab.