Analysis of overall customer satisfaction towards bancassurance in emerging economies

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.