The fairest insurance companies from the customer’s point of view

May 18, 2022 – Servicevalue and the editors of Focus-Money magazine wanted to know from insurance customers which companies they rated as the fairest. The following twelve providers received a “very good”: Allianz, Cosmos, DEVK, Ergo, Generali Deutschland, Huk24, Huk-Coburg, LVM, Mannheimer, Provinzial Rheinland, SV and VGH.

For the twelfth time, Servicevalue GmbH, in collaboration with Focus-Money, has investigated which insurance companies treat customers most fairly. The survey is based on an online consumer survey conducted in March and April.

They could rate up to three providers they had been a customer of in the last twelve months. A total of 3,897 opinions were collected from over 2,647 customers at 39 “large” all-round insurance companies during the survey.

That is how justice was determined

In order to make the virtual construction “fairness” measurable and thus controllable, the fairness that customers perceive as a meta-concept was parameterized in the study using the following six sub-dimensions with a total of 27 performance characteristics:

  • Fair customer advice (managing customer needs, professional competence, social skills, employee initiative, honesty, quality of advice, regular review of insurance coverage and premiums, offers to expand or change services, rewarding customer loyalty);
  • fair customer communication (binding nature of declarations, comprehensibility of offers and contract documents, availability of employees);
  • fair value for money (value for money, cost transparency);
  • fair protection and prudence (product quality, transparency of tariffs and offers, product safety and flexibility);
  • Fair service processing (uncomplicated and clear processing of services, response rate, quality of processing of requests, keeping promises, handling of complaints / complaints);
  • Sustainability and accountability (economic sustainability, socially responsible action, ecological sustainability).

Four-point rating scale

A four-point scale was available to consumers for evaluation. This ranges from “strongly agree” (1), “rather agree” (2), “rather disagree” (3) to “strongly disagree” (4). With regard to the methodology, Servicevalue further stated: “The sub-dimensions are a result of the respective evaluation criteria as an unweighted mean value. […].

All companies that are above average receive the rating ‘good’. “Companies that, on the other hand, are above the average of companies rated ‘good’ get a ‘very good’.”

Twelve providers received a “very good”

In the overall evaluation, where the six dimensions were equally divided, the following twelve companies received the top grade “very good” as in the previous year (VersicherungsJournal 18 May 2021). These include (in alphabetical order):

  • alliance insurance,
  • cosmo insurance,
  • DEVK insurance,
  • Therefore insurance,
  • general insurance,
  • Huk24 AG,
  • Huk-Coburg Insurance,
  • LVM insurance,
  • Mannheim insurance,
  • provincial insurance,
  • SV Sparekasseforsikring og
  • VGH Insurance.

The top companies in all six segments include Allianz, Cosmos, Ergo, Huk-Coburg, LVM, Mannheimer and SV. Generali Deutschland and VGH each received five “very good” ratings (apart from value for money). All other test candidates appear at best in four segments of the top group.

Dealing with complaints is especially important

The key customer loyalty drivers were also identified as part of a relevance analysis (variance explanation of the correlation according to Pearson). Here, rewarding customer loyalty proved to be the least important. At the top is the handling of complaints or grievances.

In the latter segment, Generali Deutschland, LVM, Huk-Coburg and Ergo share the top position (average value: 1.79 each). Provincial, WWK Versicherungen and Concordia Versicherungen follow closely behind.

Location (Photo: Wichtert)

Further information on the content, purchase options and price of the 374-page report volume on the “Customer Rating: Fairness of Insurers 2022” survey can be found in this survey folder (PDF, 471 KB).

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