The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance

Abstract

This research focuses on the customer orientation of insurance brokers, whose activity is regulated by the Law on the mediation of private insurances and reinsurances. The goal is to ascertain whether the intermediation inherent in the insurance broker’s activity, which implies a customer-oriented service, entails a positive behaviour that transcends the immediate environment, reaching society. This study presents a comparative analysis between the insurance brokerage society, characterised by a personalised customer service, and banks’ advisory services on insurance. To this end, the study uses a sample of insurance brokerage firms in Spain. The results presented in this study suggest that the customer values the advisory service provided by the broker. However, for a particular business segment in standardized insurance products and products related to banking assets, customers are more likely to resort to the bank’s services. In addition, the results indicate that the commission percentages applied by the entities operating in the banking insurance channel exceed those perceived by the insurance broker. With all this, intermediation in the development of the insurer’s activity can entail social behaviour that involves customer-orientation and, possibly, social service and environmental performance.

The Future of Insurance Intermediation in the Age of the Digital Platform Economy

“…One potential explanation for this observation is that adding value by optimizing risk exposures (e.g., by saving money) is not easily quantified compared to adding value by lowering search and transaction costs with a focus on executing the insurance deal. In fact, insurance intermediary compensation is often based on the latter, and the considerable body of literature centering on different forms and impacts of compensation schemes (e.g., Browne et al 2014;Focht et al 2013;Latorre Guillem 2020;Ma et al 2014aMa et al , 2014bPuelz 2016;Strümpel et al 2015) supports our assumption. In addition, aggregating roles have also received little attention.…”

Prospek Pialang Asuransi Dan Bekerja Di Perusahaan Pialang Asuransi Sebagai Industri Penunjang Asuransi

“…Fokus dalam usaha pialang asuransi adalah pada kepuasan dari tertanggung sebagaimana diatur dalam undang-undang dan aturan-aturan lainnya dari OJK. Tujuannya adalah untuk memastikan apakah keperantaraan yang melekat dalam kegiatan pialang asuransi memerlukan perilaku positif yang melebihi lingkungan terdekat [7], [8]. Melihat pada kondisi terkini di pasar pialang asuransi di Indonesia dan juga di pasar global, kegiatan pengabdian kepada masyarakat (PkM) ini dilaksanakan untuk memberikan penyuluhan terkait dengan peran dan fungsi dari pialang asuransi di Indonesia.…”

Awareness, Utilization and Satisfaction of the Products of an Insurance Broker

“…This distribution channel allows the banking sector to obtain additional income from the sale of insurance products, while insurance companies can expand their customer base without having to increase their sales force or hire commission agents or insurance brokers. Thus, bancassurance has become an insurance distribution channel with strong growth in the Turkish insurance market (Guillem, 2020).…”