A Qualitative Case Study of the Barriers faced by Bancassurance Managers due to the Covid-19 Pandemic

Abstract

Bancassurance is an expanding, significant, yet a 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 the 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 Diriya[1] life insurance company. The findings were bracketed under two main themes, namely, a) increased pressure to achieve sales targets from both 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, Qualitative, Case Study