15/6/2022 – According to Asscompact “Market study for company pension schemes 2022”, independent brokers are the most willing to recommend Canada Life and LV 1871 when it comes to direct insurance. Low NPS values were found for HDI and Continental.
In company pension schemes (bAV), brokers and several agents mediate by far the largest business to Allianz Lebensversicherungs-AG. This applies to both direct insurance and the maintenance fund (VersicherungsJournal 3.6.2022).
This is a result of the Asscompact “Market Research for Corporate Pension Schemes 2022” by BBG Betriebsberatungs GmbH. It is based on an online survey conducted between the end of April and the beginning of May among insurance brokers, investment brokers and several agents.
The size of the net sample is given as 371 independent mediators. 89 percent of the respondents are men and 11 percent women. They have 27.1 years of industry experience with an average age of 54.8 years.
willingness to recommend the intermediaries
Among other things, the willingness to recommend company pension providers was also registered as part of the study. The Net Promoter Score, which is often used in market research, was used for this purpose.
Result for direct insurance: Allianz came only in ninth place. An NPS value of almost 36.8 is calculated from the only tenth highest proportion of promoters (just over half) and the eighth lowest proportion of detractors (about one-seventh).
Canada Life at the top
Canada Life Assurance Europe plc, the German branch, is a leader with a value twice as high (73.7). She finished in second place in terms of business share. The provider with Anglo-Saxon roots had the highest share of proponents (over three quarters) compared to the second lowest share of critics (3.5 percent).
Close behind is life insurance from 1871 aG München (LV 1871), which only ranks ninth in terms of business share. The company performed slightly worse than Canada Life among the initiators, but slightly better among the promoters.
NPS values above 50 are also calculated for Stuttgarter Lebensversicherung aG (sixth place for new business), WWK Lebensversicherung aG (eighth place for corporate share), Alte Leipziger Lebensversicherung aG (third place for new business) and Volkswohl Bund Lebensversicherung position five).
The latter three actors all came with lawyer shares of about 70 percent each and critic shares of about one-seventh. At Stuttgarter, not even every 20th interviewee is an opponent, but less than two out of three respondents are promoters.
HDI and Continental with low NPS values
Among the companies with at least 25 rating votes, HDI Lebensversicherung AG (NPS: 6.1) and Continentale Lebensversicherung AG (12.0) achieved relatively low values.
HDI’s share of the initiators, at just over a third, was about four points lower than the Continents. In detractors, the Continental did better with two points with a good quarter.
The study provides no concrete justifications for the clearly divergent assessments. What is striking, however, is that the two companies with low NPS values only appear in tenth place (Continental) and eleventh place (HDI) according to equities.
There seems to be a direct link between the unwillingness to recommend and the low turnover in the independent intermediary market.
Weaknesses of the rear lights
A look at the evaluation of the service quality shows certain indications for the very strongly deviating NPS values. In the overall satisfaction rating, Continental is nine points behind the leader and HDI is even eleven points behind.
In six of the 13 satisfaction criteria examined, Hanoverians are among the three worst rated companies. With existing customer service, financial stability, image, value for money, tariff flexibility and decentralized sales support, this affects five of the seven most important aspects of agent satisfaction.
The distance to the top is up to 20 points. When it comes to the top criteria, it is only in terms of new business processing (second most important aspect) top three with three points not too far away.
The intermediaries surveyed gave the Continental the third worst new business deal. The provider achieved its best ratings in the “king criterion” product quality with 86 points and in the price-performance ratio with 87 points. Here, the best providers are only a few points away. In the other aspects, the top three are between five points (tariff flexibility) and 15 points (bid calculator).
The strengths of leaders
In contrast, Canada Life and LV 1871 achieved the fourth and third best points in the satisfaction rating. The latter finished in the top three six times. It was enough for top ranking in product quality and second place in terms of existing customer service, financial stability and value for money.
Canada Life achieved four top three rankings, including in repeat customer service and financial stability (third and fourth key aspects). In most other criteria, the top group is only a few points away. At best, interviewees see room for improvement in tariff flexibility and decentralized sales support. Here, the company only ended up in midfield with a deficit of up to eight points.
The 268-page “Market Survey for Corporate Pensions 2022” contains detailed placements of corporate stocks and broker satisfaction as well as an analysis of the best providers. Report volume can be ordered for 2,677.50 EUR including VAT from Sophia Tannreuther by e-mail or by telephone on 0921 7575823.