July 18, 2022 – According to Servicevalue’s “Service Atlas for Occupational Disability Insurers 2022”, LV 1871 offers the best overall customer orientation. They are followed by Allianz, LVM, Ergo, Generali, Cosmos, Huk-Coburg, Hannoversche, WWK, Interrisk and Provincial.
For the sixth time now, Servicevalue GmbH has examined the service quality and customer orientation of providers of business incapacity insurance (BU). “Service Atlas for Disability Insurance 2022” is based on an online consumer survey conducted in July.
Judgments of nearly three dozen disability insurance companies
In order to participate in the survey, the respondents had to have taken out BI insurance with one of the 37 companies surveyed. A total of 3,120 customer reviews were collected as part of the survey.
31 service characteristics from the following five performance dimensions were available for evaluation:
- Product range (product range, flexibility of product features, products for different groups of people, quality of insurance services, traceability of insurance premiums, sense of security through products and services, display of product differences, flexibility in payment of contributions, interesting additional services);
- Insurance conditions (transparency of the terms, comprehensibility of the contract documents, clarity of the medical obligations to cooperate, clear emphasis on exclusions from benefits, clarity of the right of withdrawal, comprehensibility of the health check period, clear questionnaire about the state of health, the appropriateness of the forecast period);
- Customer service (employee friendliness, employee initiative, quality of inquiries, goodwill in case of complaints / problems, reliability of the statements);
- Customer advice (easy contact with the employees, the employees’ professional competence, quality of advice, statement of net gross contribution, advice on the size of the pension and contract period, answering all customer questions);
- Value for money (reasonable value for money, stability / predictability of contributions, reasonable contribution level).
Five-point response scale
The assessment was made on a five-point response scale (from 1 = “excellent” to 2 = “very good”, 3 = “good” and 4 = “moderate” to 5 = “poor”). Servicevalue further stated the method:
“The sub-dimensions are a result of the respective evaluation criteria as an unweighted average […]. All companies that are above average receive the rating ‘good’. Companies that are again above the average of companies rated as ‘good’ get a ‘very good’. “
Questions about benefits and treatment in case of injury were not the subject of the investigation.
Eleven times “very good” with leader LV 1871
In the overall rating, eleven providers received a “very good”. The new leader is the life insurance from 1871 aG München (LV 1871), which was in tenth place the previous year (VersicherungsJournal 5 August 2021). Allianz Lebensversicherungs-AG went up from four to two. LVM Lebensversicherungs-AG defended its bronze ranking. follow
Basler Lebensversicherungs-AG, Provinzial Lebensversicherung Hannover, Württembergische Lebensversicherung AG and Concordia Oeco Lebensversicherungs-AG are no longer among the best providers.
Not in top positions in all five areas
No provider entered the top group in all five dimensions. LV 1871 (excluding customer service), Allianz and LVM (each for value for money), Cosmos, Ergo Vorsorge, Hannoversche and Huk-Coburg (each for customer advice) each achieved four “very good” ratings. and Generali (except for insurance conditions).
For the overall winner, LV 1871, it was enough for the top spot in the product range and value for money categories. In terms of customer service and customer advice, LVM won over the competition. Allianz is at the forefront when it comes to insurance matters.
Good grades for contact with employees and product variation
A look at the individual service and performance features shows the strengths and weaknesses of the industry. The BU insurance companies came out relatively best in the criteria “Easy contact with employees” and “Product variation”. Here, 94 to 95 percent of those interviewed gave at least “good” ratings.
The customer ratings were the worst in the “clarity of right of withdrawal” and “comprehensibility of insurance premiums” service features. Here, every seventh respondent gave a “mediocre” or even “poor” rating.
The most important customer loyalty drivers
The criteria “product variation” and “transparency in insurance conditions” proved to be the least important customer retention drivers (determined in a relevance analysis, explanation of the variance of the correlation according to Pearson).
In addition to “quality of advice”, the main drivers are also “stability / predictability of contributions” and “reliability of statements”.
According to the service atlas, LVM scores best in the latter aspect (mean: 1.97). Its performance was rated as “excellent” by over 40 percent of customers. Second place is taken by Generali (1.99). They are followed by Cosmos and Huk-Coburg (each 2.00) ahead of the Hanoverian (2.01). The average value is set to 2.17.
Further information on the content, procurement and price of the 373-page study report “Service Atlas of Occupational Disability Insurers 2022” can be found in this study leaflet (PDF, 2.2 MB).