AN ANALYSIS OF CUSTOMER PERCEPTION TOWARDS BANCASSURANCE PRODUCTS IN THOOTHUKUDI DISTRICT

Abstract

Bancassurance has emerged as an important distribution channel in the Indian insurance sector by integrating banking and insurance services to provide customers with convenient and comprehensive financial solutions. The present study aims to analyze customer perception towards bancassurance products in Thoothukudi District and to identify the factors influencing their acceptance and satisfaction. The study is based on both primary and secondary data, with primary data collected from 180 respondents through a structured questionnaire using convenience sampling. Statistical tools such as independent t-test, ANOVA, and Chi-square test were applied to examine the relationship between demographic variables and customer perception, preference, and problems faced in using bancassurance products. The findings reveal that customers generally hold a positive perception towards bancassurance due to convenience, trust in banks, and availability of one-stop financial services. Gender significantly influences perception only with regard to product availability and documentation simplicity, while educational qualification affects preference towards convenience, integrated services, and willingness to recommend bancassurance. Age does not significantly influence the problems faced by customers. The study concludes that bancassurance has strong growth potential in Thoothukudi District, and suggests that improved staff training, customer awareness, and simplified procedures can further enhance customer satisfaction and acceptance of bancassurance products.