Track: Case Studies

Abstract

Nowadays, a large number of bank customers have gravitated to Electronic-banking (E-banking) services that lead the bank branches to become less crowded than before. In this situation, rendering insurance policies in the bank branches which is relatively depend on a face-to-face communication would be less successful. In this study, one of the private insurance services company and a big private bank in Iran are considered as case studies. For making the bancassurance business among these two mentioned cases more full-grown and increase the possibility of issuing insurance policies in the bank branches, in three phases, an insurance concept text message, was sent to almost 23,100 customers of Parsian bank and the effectiveness of it in pushing them toward the bank branches for an insurance intention was assessed. In the period of the study, 0.5% of the recipients went to the bank branches for asking questions or issuing their insurance policies. The cost-benefit analyses demonstrate that even in a short period, the scheme is economical. It is concluded that the continuous of the text message marketing at regular intervals, along with other marketing plans, would lead to an insurance issuance increase in the bancassurance scope.