Car insurance is a must for car owners. The Cologne rating and ranking agency ServiceValue, in cooperation with the monthly magazine Euro, has determined which of the numerous providers offer policyholders particular customer orientation for the “Euroatlas Motor Vehicle Insurers 2023”.
According to the study authors, motor vehicle insurers’ revenues are expected to increase by 3.7 percent this year. When it comes to expenses, however, claims inflation takes full effect. They are likely to rise by around twelve percent – particularly due to higher repair costs. “Both the spare parts and the work in the vehicle workshops are becoming more and more expensive,” says Dr. Claus Dethloff, Managing Director of ServiceValue.
In order to get out of the loss zone again, motor vehicle insurers would have to adjust their premiums, says Dethloff. This could increase the willingness to change.
Top rating for eleven motor vehicle service insurersr
Eleven of the 31 motor vehicle service insurers examined received a grade of “very good,” while another eight received a grade of “good.” Huk-Coburg was able to assert itself in the market in terms of products and price-performance ratio, and the Provinzial Insurance Group is convincing in terms of customer advice and claims settlement. VHG was the winner in customer communication. LVM dominated in customer service and Concordia dominated in customer service).
According to their own statements and on average from all insurers evaluated, customers are particularly satisfied with the speed of response in the event of a claim and the friendliness and politeness of the employees as well as their willingness to help.
The strongest customer loyalty drivers are the quality of the products, coverage/benefit extensions, the scope of settlement in the event of a claim and the quality of general processing of concerns. Rewarding customer loyalty receives the least approval.
Four times “very good” for direct motor vehicle insurers
A total of seven direct motor vehicle insurers received an above-average customer rating, with four receiving a “very good” rating for customer orientation. Friday performs best in the price-performance quality dimension, HUK24 in claims settlement and Allianz Direct in customer service. In all other four dimensions, the overall winner CosmosDirekt is also the dimension leader.
What customers expect from direct motor vehicle insurers
For direct motor vehicle insurers, too, the speed of reaction in the event of damage plays a particularly important role in satisfaction. This is followed by the friendliness and politeness of the employees and the price-performance ratio. As with motor vehicle service insurers, the reward for customer loyalty is rated the least well. The main customer loyalty drivers are the service and performance features “binding statements” and “speed in dealing with and dealing with general concerns”.
„Due to the high number of registered cars in Germany, the market for vehicle insurance is also large. In order to stand out positively from the many market competitors, providers can not only score points with attractive products, but also with convincing service and a good sense of customer needs,” Dethloff comments on the results.
The basis for the current competition analysis is almost 5,000 customer reviews of 31 motor vehicle service insurers and 12 direct motor vehicle insurers.
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