Customer awareness towards bancassurance product: a case study on Bumiputra Commerce Bank Taman Melaka Raya Branch Melaka

The objective of the study is to analyze the impact of savings and bank related products, which the customers will perceive as high value-added products one at a time through a full time from BCB Taman Melaka Raya financial planner. The study of this project paper is to get better knowledge about bancassurance marketing strategy. The marketing strategy is focused on financial Planner on how they market the product through the bank customer. The Bank Negara Malaysia is seriously urging the banks and insurance companies to join together in one premise in providing the insurance service. The most effective method in selling insurance product as a new innovative as an attempt to capture a share of certain market. Banks and Insurance Companies will employ different strategies as they attempt to cut costs and increase efficiency in existing markets and to open up new markets. For the purpose of this project paper, BCB Taman Melaka Raya branch has been chosen as sample case. 100 customers were reelected randomly. Their age were between 20 to 50 with salary range between RM1000 and RM4000. The customers were basically government servants, private sector employees and local businessmen and women. The questionnaire was mainly focused on obtaining information and about customer profile, customer awareness, financial planning services and bank staff promotion. This research included that banks are best qualified to sell insurance products. Most importantly, banks have close and strong ties with their customers and able to educate customer about insurance. In fact, it is part of the effort to offer an entire range of financial services to the customers under one roof.