Bridging the Cultural Divide Between Banks and Life Insurers: 2009 Middle East Bancassurance Study

This Study explores the cultural and perceptual issues that divide banks and life insurers. The 2009 Study is the first investigation of the concerns confronting banks and their insurance partners in the Middle East. This survey is a cross-sectional analysis. It provides a snapshot of a sample of a population at a single point in time. The C F Effron Company, LLC, conducted a ground-breaking study to quantify the issues that create barriers to success and to understand the nonstatutory disincentives to affiliation. These disincentives are rooted in the cultural differences between banks and life insurers — their distinctive business models, as well as how these institutions are regulated, attract customers, distribute their products and make a profit — in essence their business culture. The Study uses a statistical “gap analysis” technique to quantify the cultural issues, therefore using hard evidence to uncover and explore the qualitative issues banks and life insurers must tackle to achieve success.