Opportunities for banks to cross-sell insurance products in Greece

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...

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Bibliographic Details
Published in:Journal of financial services marketing 2004-09, Vol.9 (1), p.34-48
Main Authors: Lymberopoulos, Konstantinos, Chaniotakis, Ioannis E, Soureli, Magdalini
Format: Article
Language:English
Subjects:
Banking industry
Banks
Banks in insurance
Branch banking
Brand loyalty
Consumer attitudes
Consumer behavior
Consumers
Cross selling
Customer relationship management
Customer services
Decision making
Financial institutions
Financial services
Market segments
Purchasing
Reputations
Studies
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Summary: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. [PUBLICATION ABSTRACT]
ISSN:1363-0539
1479-1846
DOI:10.1057/palgrave.fsm.4770139