Opportunities for banks to cross-sell insurance products in Greece
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Konstantinos Lymberopoulos has a BSc in Business Administration from the University of Piraeus and a MSc and PhD from Kepler University, Linz, Austria. His work experience has been in Henkel Hellas (1976–1981) and the Ionian Bank of Greece (1981–2000). He is Assistant Professor at the University of the Aegean, Department of Business Administration and adjunct Professor at the University of Piraeus and the Greek Open University.
Ioannis E. Chaniotakis holds a BSc in Agricultural Economics from the Aristotle University of Thessaloniki and a MSc in Marketing from the University of London. Currently, he is a PhD candidate in Marketing at the University of the Aegean, School of Business Administration, Greece. He has worked for Nestle´ and the Agricultural Bank of Greece
Magdalini Soureli is a doctoral researcher at the Manchester School of Management, UMIST, UK. She has a BSc in Operational Research & Marketing from Athens University of Economics & Business, and an MSc in Marketing from UMIST. Her research interests focus on consumer behaviour and issues relating to customer loyalty in service sector industries.
Abstract The paper aims to identify whether or not there are opportunities for banks in Greece effectively to cross-sell insurance products through their branch network. In addition, it seeks to investigate the areas of insurance product portfolio that could have a better potential to be distributed by Greek banks, and to identify the profile of potential customers. For this reason a questionnaire was designed, and was completed by 720 bank customers. The analysis showed that the greatest opportunity comes from the fact that consumer awareness of the offering of insurance products by banks is low in contrast to their willingness to use banks as insurance products providers, which is very high. Additionally, there are indications that based on consumer attitudes, there are identifiable market segments which are more attractive. In conclusion, the paper discusses the managerial implications of the findings and proposes suggestions for further research. Keywords
Bancassurance, cross-selling, banks, insurance, Greece
INTRODUCTION
Dr Konstantinos Lymberopoulos Department of Business Administration, Business School, University of the Aegean, 8 Michalon Str., Chios, Greece. Tel. +30 210 9323656, e-mail: [email protected]
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During the past decade, the financial services sector has undergone drastic changes.1 Deregulation, internationalisation and the emergence of new forms of technology have all created a highly competitive market place,2–4 where a range of diversified products is offered under the banner of ‘financial services’.5 Moreover, the distribution of financial services has evolved rapidly. New methods
Journal of Financial Services Marketing
Vol. 9, 1 34–48
of distribution have emerged, many transactions have become automated,6 and as a result any given product may be available through a varied set of channels.5 Consumer behaviour has also changed.2 In recent years, there has been a dramatic decline in c
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