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The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance

Department of Accounting, Finance and Management Control, Universidad Cátolica de Valencia San Vicente Mártir, 46003 Valencia, Spain
Sustainability 2020, 12(7), 2970; https://doi.org/10.3390/su12072970
Received: 21 January 2020 / Revised: 1 April 2020 / Accepted: 3 April 2020 / Published: 8 April 2020
This research focuses on the customer orientation of insurance brokers, whose activity is regulated by the Law on the mediation of private insurances and reinsurances. The goal is to ascertain whether the intermediation inherent in the insurance broker’s activity, which implies a customer-oriented service, entails a positive behaviour that transcends the immediate environment, reaching society. This study presents a comparative analysis between the insurance brokerage society, characterised by a personalised customer service, and banks’ advisory services on insurance. To this end, the study uses a sample of insurance brokerage firms in Spain. The results presented in this study suggest that the customer values the advisory service provided by the broker. However, for a particular business segment in standardized insurance products and products related to banking assets, customers are more likely to resort to the bank’s services. In addition, the results indicate that the commission percentages applied by the entities operating in the banking insurance channel exceed those perceived by the insurance broker. With all this, intermediation in the development of the insurer’s activity can entail social behaviour that involves customer-orientation and, possibly, social service and environmental performance. View Full-Text
Keywords: customer-oriented service; social behaviour; distribution channel; commissions and fees; objective and subjective advice; sustainable insurance brokerage; operating performance customer-oriented service; social behaviour; distribution channel; commissions and fees; objective and subjective advice; sustainable insurance brokerage; operating performance
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MDPI and ACS Style

Latorre Guillem, M.A. The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance. Sustainability 2020, 12, 2970. https://doi.org/10.3390/su12072970

AMA Style

Latorre Guillem MA. The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance. Sustainability. 2020; 12(7):2970. https://doi.org/10.3390/su12072970

Chicago/Turabian Style

Latorre Guillem, Miguel A. 2020. "The Customer Orientation Service of Spanish Brokers in the Insurance Industry: The Advisory Service of the Insurance Distribution Channel Bancassurance" Sustainability 12, no. 7: 2970. https://doi.org/10.3390/su12072970

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