A Qualitative Exploration of the Barriers Faced by Bancassurance Managers due to the COVID-19 Pandemic

Abstract

Bancassurance is an expanding, significant, yet highly understudied area. The ongoing COVID-19 pandemic had a critical impact on many industries, including bancassurance, which is defined as a collaborative format to sell insurance products through partnering banks. In light of this context, this research study identifies and explores the barriers faced by bancassurance managers amidst the COVID-19 pandemic. Following a qualitative approach, a case study strategy has been used to explore the barriers faced by bancassurance managers in the context of the life insurance company -Diriya. The findings were bracketed under two main themes, namely, a) increased pressure to achieve sales targets from both the insurance company and the partnering bank and b) the work-life imbalance caused by the additional workload during the COVID-19 pandemic. The first theme explored the pressure and consequences faced by the bancassurance managers through the insurance company and the partnering bank, while the second theme explored agent-manager engagement, shouldering additional workload and the unique burdens faced by the married, female bancassurance managers. As COVID-19 is an ongoing phenomenon, this study contributes in terms of advancing literature by making knowledge more explicit, in addition to policy formulation and application. Finally, the novelty of this study would be a foundation for further research conducted on barriers faced by bancassurance managers in managing agents amidst the COVID-19 pandemic.

Keywords: Bancassurance, COVID-19, Bancassurance Managers, Barriers