Analysis of the Insurance Product Development Process for Bancassurance Distribution

Karin Amelia Safitri, Muhammad Thariq Fadhilah, Sri Astuti

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

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.

Original languageEnglish
Title of host publicationProceedings of the 6th International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
Chapter31
Pages335-350
DOIs
Publication statusPublished - 31 Oct 2023

Publication series

NameProceedings of the International Conference on Vocational Education Applied Science and Technology (ICVEAST 2023)
Volume783
ISSN (Print)2731-8060
ISSN (Electronic)2352-5398

Keywords

  • Bancassurance
  • Insurance
  • Product
  • Product Development

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