The Year 2024's Insurance Industry Professional
"Top Insurer of 2024", as reported by the comprehensive consumer survey conducted by the German Institute for Service Quality and ntv, generally awards the insurance sector a favorable report card, but also identifies areas needing improvement. Both branch and direct insurance providers make it into the top 10.
Insurance is meant to safeguard against various life hazards. In times of crisis, its reliability is crucial. Generally speaking, the insurance industry fares well from a customer perspective and often manages to satisfy its clients. Although it falls slightly short of the previous year's standards, it still achieves a good overall rating. Customer evaluations for specific companies range from "excellent" to "satisfactory".
Only the Excellent Score "Excellent"
The quality of services, which encompasses the extent of offers and product variety, serves as a guarantee for satisfaction: About 77 percent of insured individuals express positive feelings.
Service is the area with the most room for enhancement, with almost 28 percent dissatisfied. This is also reflected in the complaints: Difficulty in reaching companies and lengthy processing times lead to the majority of customer annoyance. By and large, approximately 22 percent of respondents report a complaint with their insurance provider.
Claims processing often poses a challenge
An intriguing detail: The digital offerings of companies are increasingly significant - around three-quarters of respondents utilize their insurer's online platform. A critical aspect certainly involves claims - here, issues arise in the processing. Over half have submitted a case to the rated company - but around one-third of those affected were unhappy with the compensation.
Markus Hamer, Managing Director of the German Institute for Service Quality, concludes: "Years of customer loyalty and a high recommendation rate demonstrate that the industry is generally well-positioned and often satisfies its clients. However, a closer examination is advisable and comparisons should be made, as there can be substantial differences between insurers from a customer's viewpoint."
The Most Preferred Insurance Providers
With a quality rating of "excellent", Munich Re earns the title of "Top Insurer of 2024" and continues its streak of success. Particularly in terms of product quality, insured individuals are convinced: With 84 percent positive ratings, the company leads the pack in this category; it also takes the top spot in the areas of service and transparency/understandability. Additionally, customers' willingness to recommend is higher than any other insurance provider.
Hannoversche (rating: "good") claims the second overall position and emerges as the leading direct insurance provider. For instance, satisfaction with service is exceptionally high: Over 81 percent of customers offer positive feedback here. The company also excels in transparency and understandability and has a relatively low complaint rate (10.9 percent of respondents).
HUK24 secures third place with a good overall rating. In terms of product quality, the company achieves the second-best evaluation. HUK24 also takes top-three positions in the areas of service, price-performance ratio, and transparency/understandability.
The report highlights the need for improvement in the service sector of the insurance industry, with nearly 28% of insured individuals expressing dissatisfaction. To enhance customer experience, advising on how to simplify claims processing and improve communication channels could be beneficial.
Recognizing Munich Re as the "Top Insurer of 2024" with an excellent quality rating, it's advisable for other providers to study their strategies in product quality, service, and transparency, as they continue to lead the pack.
