A suggestion for a model to increase customer value in bancassurance

Customer value depends on mutual value sharing between companies and their customers and it emphasizes that every customer should be managed just like the other assets of the company. Changes in the characteristics and expectations of customers require analysis of customer value while determining company strategies. On the other hand, customer value is also developed by companies because it yields positive economical consequences.This study determined the factors effective in increasing customer value in bank insurance and suggested a model involving behavioral and attitude measures. During the process of model development, the reasons why bank insurance hasn?t been able to develop in Turkey were analyzed and an exploratory research was carried out on bank managers to put forward suggestions to increase efficacy of this channel. Setting up productive partnership between companies, exposing executives of bank insurance to insurance and marketing focused training, building an effective awarding system for the work force and being customer-focused were determined among the factors that will increase the efficacy of bank insurance applications in Turkey.After a general review of this channel, the model suggested for increasing customer value in bank insurance was developed through evaluation of the data acquired from 252 retail customers in 16 branches of Anadolubank -a contractual distributor of Groupama Retirement and Groupama Insurance products- According to this model, acquisition of a customer, cross-selling and customer retention were determined as basic factors in increasing customer value in bank insurance.Keywords: Bancassurance, Cross Sale, Customer Acquisition, Customer Retention, Customer Value.