The Munich club’s Customer First strategy pays off in the long term. For the eleventh time in a row, the insurance company was named insurance company of the year by the German Institute for Service Quality (DISQ). HUK24 and Württembergisches digital subsidiary Adam Riese follow in second and third place. The survey gives the insurance industry overall good marks. Seven departments and three direct insurance companies are in the top 10 ranking.
Compared to the previous year, customer satisfaction remains at a high level (current: 75.4 points, 2021: 75.2 points). Two insurance companies achieve the customer assessment “very good”, 26 companies are good and five others perform satisfactorily.
The quality of the products enjoys the highest customer appreciation: around 81 percent of the survey participants are satisfied with this. Service emerges as another strength for insurance companies: around 79 percent of policyholders give a positive rating in this regard. In terms of value for money, the industry also achieves good results on average. These aspects are also reflected in a high willingness to recommend.
Could irritation not uncommon
Customers are most likely to see potential for improvement in transparency and clarity, for example with regard to products, information and contract documents. Almost every fourth respondent does not rate this area positively. In addition, a good 14 percent of customers indicate that they have at some point been annoyed with their own insurance company. The most common cause of customer frustration is poor customer service.
66 percent use online portals
Interesting details: More than two-thirds of respondents stated that they use an online portal from their insurance company, for example to make contact or to save contracts digitally. On the other hand, the acceptance of insurtechs is still low: only 3.8 percent of all respondents have ever used an insurance provider based on digital technologies.
Markus Hamer, CEO of the German Institute for Service Quality: “The fact that around 84 percent of customers have contracts with more than just one insurance company shows that the companies have individual strengths. Ultimately, a branch and a direct insurance company ensure a very good customer rating.”
The most popular insurance companies
The Munich association is the insurance company of the year 2022 with the quality rating “very good”, which confirms the success of previous years. The respondents see the branch insurance company’s greatest strength in the quality of the products: around 85 percent of customers are fairly or even very satisfied with this. The other areas, such as service or value for money, also achieve very good values. In addition to a low annoyance rate, respondents with a Net Promoter Score (NPS) of +79.2 also show the highest willingness to recommend. Exciting: Two direct insurance companies follow in second and third place.
Overall position: Munich club ahead of HUK24 and Adam Riese
HUK24 took second place as the best direct insurance company, also with a very good overall rating. From the customer’s point of view, the price-performance ratio is particularly convincing, which 90 percent of the insured are positive about. HUK24 also achieves the leading position in the provider comparison for the quality of the products, the areas of transparency and comprehensibility as well as service.
Adam Riese is in third place overall (quality rating: “good”). An extremely high proportion of the respondents are very satisfied with the direct insurance company’s price-performance ratio. A high willingness to recommend (NPS: +71.9) and the lowest irritation rate in the industry also ensure the top 3 ranking.
The best insurance companies
HUK-Coburg is in second place among the branch insurers ahead of Continentale in third place, both with the quality rating “good”. Among other things, HUK-Coburg excels in relation to price-performance with the second best result of all companies. From the customer’s point of view, Continentale is particularly convincing when it comes to service (third place in the provider comparison).
Among the direct insurers, CosmosDirekt takes third place, also with a good overall result. CosmosDirekt’s customers primarily see the quality of the products as a strength; In addition, the irritation rate is low.
The best liability insurance companies from the customer’s point of view
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