Title: Analysis of overall customer satisfaction towards bancassurance in emerging economies

Authors: Ajitav Acharya; Abhijit Mohanty; Manoranjan Dash; Biswo Ranjan Mishra; Kamalakanta Muduli; Suchismita Swain

Addresses: Department of Business Administration, Utkal University, Vani Vihar, Bhubaneswar, Odisha, India ' Astha School of Management, Affiliated to Biju Patnaik University of Technology, Odisha, India ' Faculty of Management Sciences, Siksha O Anusandhan (Deemed to be University), Bhubaneswar, Odisha, India ' Department of Commerce, DDCE, Utkal University, Vani Vihar, Bhubaneswar, Odisha, India ' Department of Mechanical Engineering, Papua New Guinea University of Technology, Lae, Morobe, Papua New Guinea ' ICFAI Business School (IBS), IFHE University, Hyderabad, India

Abstract: The study's goal is to analyse customers' overall satisfaction with bancassurance products offered by retail banks in India. This study conceptualises three second-order categories, 'satisfaction with agent', 'satisfaction with company', and 'satisfaction with functional services', and assesses their impact on overall consumer satisfaction with bancassurance in an emerging economy like India. Primary data was gathered using a structured questionnaire. Purposive sampling was used to choose 344 customers. PLS-SEM 4.0 was used to assess hypotheses as well as the constructs' validity and reliability. The results show that the second-order factor model was empirically valid and that the three second-order constructs have a positive and significant impact on overall consumer satisfaction with bancassurance. Similarly, the association between first-order constructs and their associated second-order constructs was found to be statistically significant. This study proposes a novel paradigm for predicting total customer satisfaction in the banking industry that combines second-order constructs. This study will be valuable for mapping the quality dimensions of bancassurance services in order to improve customer satisfaction in an emerging economy.

Keywords: bancassurance; service quality; overall customer satisfaction; Indian retail banking; PLS-SEM.

DOI: 10.1504/IJICBM.2025.145671

International Journal of Indian Culture and Business Management, 2025 Vol.34 No.4, pp.504 - 525

Received: 02 Aug 2023
Accepted: 07 Aug 2023
Published online: 14 Apr 2025 *

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