Analysis of the Insurance Product Development Process for Bancassurance Distribution

DOI

10.2991/978-2-38476-132-6_31How to use a DOI?

Keywords

Bancassurance; Insurance; Product; Product Development

Abstract

Along with the growth of insurance in Indonesia, insurance companies need to innovate and develop, both from company profiles to presenting products that are marketed to the Indonesian people. Product development is also required to meet changing customer needs and wants. The bancassurance distribution channel is effective in reaching a wider range of customers through branch offices owned by the bank. This study aims to determine the insurance product development process in bancassurance distribution at PT XYZ Indonesia. Also knowing the supporting and inhibiting factors that can influence the product development process along with its solutions and SWOT analysis on insurance products for bancassurance distribution at PT XYZ Indonesia. This research uses a descriptive method. The data used are primary data derived from company data and employee interviews, as well as secondary data derived from literature, books, journals and previous research. Based on the results of this study, PT XYZ Indonesia carried out the process of developing insurance products in the bancassurance distribution through several stages, namely with 4 Gate. There are 3 (three) supporting factors in the product development process, namely collaboration between divisions, market research that is always updated on products, and digital insurance product transactions. There are also 2 (two) inhibiting factors in the insurance product development process, namely limited and immature technical support for the migration of the insurance product marketing system, as well as insufficient product sales due to an inadequate system. These obstacles can be overcome by increasing the existing system base testing and increasing public awareness of existing products.

Copyright

© 2023 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Karin Amelia Safitri
AU  - Muhammad Thariq Fadhilah
AU  - Sri Astuti
PY  - 2023
DA  - 2023/10/31
TI  - Analysis of the Insurance Product Development Process for Bancassurance Distribution
BT  - Proceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
PB  - Atlantis Press
SP  - 335
EP  - 350
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-132-6_31
DO  - 10.2991/978-2-38476-132-6_31
ID  - Safitri2023
ER  -