Research article

USING THE BANCASSURANCE STRATEGY TO DEVELOP THE DEMAND FOR INSURANCE PRODUCTS IN THE KINGDOM OF SAUDI ARABIA

Kamal Eldin Hassan Ibrahim Eldawa, Somaya Shokry Mahmouda, Fatma yousef Elshinawya, Awad Mohamed Osmana, Mostafa A Radwan a, M Zaidia, Asma Lutfi Hamada, Abdalla Zahri Aminb, Saadaby Mohammed Ali Dafaalla Abdallac, Rawan Alfrehatd

Online First: October 29, 2022


This research aims to evaluate the banking insurance strategy in the Kingdom of Saudi Arabia, established through cooperation between the banks and the insurance companies to serve the bank's customers who wish to obtain the appropriate insurance documents. Moreover, analyze the acceptance of the Saudi insurance market for banks as a modern marketing channel and determine the strategies through cooperation between the banking and insurance sectors. As well as the expected benefits from cooperation between these two sectors, it can be determined the extent to which there is a significant impact on the performance indicators of companies that have adopted the bancassurance strategy in the Kingdom of Saudi Arabia. The research relied on the quantitative approach in measuring the impact of reliance on bancassurance in enhancing cooperative insurance companies' financial and competitive position in the Kingdom of Saudi Arabia. On the products of the insurance sector, reaching a new segment of insurance companies' clients who represent banks' clients increases the volume of premiums through new insurance operations. As a result, bancassurance reduces the cost of insurance services due to the increased number of clients, which is reflected in Insurance rates.

Keywords

Marketing Through Banks, Marketing, Bancassurance, Cooperative Insurance Companies, and Comprehensive Bank, Kingdom of Saudi Arabia