Housewares insurance: the best providers from the point of view of Vema brokers

May 23, 2022 – According to the current quality survey conducted by the brokerage cooperative, the liability insurance company is the heavy favorite among partner businesses when it comes to new housewares business. It is followed by the Vema hedging concepts of Basler/BSG and AIG, ahead of Axa. The quality rating, in which product quality, application and claims processing as well as accessibility were evaluated, was won by NV Versicherungen ahead of third-party liability insurance, Medien-Versicherung Karlsruhe and Basler/BSG.

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In recent weeks, the Vema Versicherungsmakler Genossenschaft eG has conducted a quality survey among its more than 4,000 partner companies (VersicherungsJournal September 29, 2021) on providers of products that protect the belongings of private customers.

In addition to residential buildings insurance (April 25, 2022), home contents insurance was also tested. Among other things, the intermediaries interviewed were asked to name the three providers most used in new business. Result: The leader is the civil liability insurance company VVaG. The proportion of the 2,464 favorites submitted is more than a fifth.

New business: AIG behind Basler/BSG and liability insurance

Basler Sachversicherungs-AG received silver for its Vema coverage concept developed together with Basler Service GmbH (BSG). One in seven respondents opted for this.

In a tight race for third place, AIG Europe SA, headquartered in Germany, prevailed over Axa Versicherung AG with its Vema hedging concept. Nearly one in ten survey participants voted for AIG and nearly one in twelve for Axa.

Ammerländer Versicherung VVaG and VHV Allgemeine Versicherung AG took fifth and sixth place. The former was able to join around every 15 votes, the latter around every 19 votes.

NV-Versicherungen VVaG followed in seventh place, followed by Medien-Versicherung aG Karlsruhe (MVK), Grundeigenigen- versicherung VVaG (GEV) and Gothaer Allgemeine Versicherung AG, who were tied for eighth place. The shares are each less than three percent.

Ranking of new businesses (Image: Wichert)

Various rank changes

Compared to the last quality survey in this segment (October 6, 2020), the liability insurance company passed Basler/BSG to the first position. The AIG improved from four to three, the Ammerländer from seven to five.

Axa fell from third to fourth, Gothaer claimed eighth place. NV, MVK and GEV made it into the top ten. Excluded from the core group are the hedge concept provider Domcura AG (June 17, 2015), which belongs to MLP SE, Basler Sachversicherungs-AG and Assekuradeur Konzept & Marketing, its independent concept developer GmbH

NV wins quality ranking

As part of the survey, insurance intermediaries were also asked to rate various aspects of the service (school rating scale). These included product quality, application processing and policy issuance, claims processing, and availability. All four segments were equally weighted in the quality rating.

Compared to the ranking according to the most frequent use, the quality ranking (mean values ​​of the intermediate grades) shows some differences, some of which are considerable. NV (7th place in new business) secured the top spot (average value: 1.40). The company obtained the best qualification in three aspects. In terms of product quality alone, it was only good enough for fourth place.

The second place in the quality rating is occupied by civil liability insurance (1.50). In terms of accessibility, the Roßdorfers were rated just a hair below the favourite. Vema partners also see the company second when it comes to handling applications and claims. Product quality, on the other hand, was rated average.

MVK ahead of Basler/BSG in bronze

In a tight race for bronze, the MVK (1.56) had the edge over the Basler/BSG coverage concept (1.58). The MVK (eighth position in new business) obtained the best score with the best product quality. In the rest of the segments, two third places stood out (behavior in the event of an accident and accessibility) and one fourth place (policy).

From an intermediary point of view, Basler/BSG offers the second best product quality and the third best application processing, each less than 0.1 points behind the leading player. A better location in particular prevented the sixth best accessibility (0.4 points behind). In claims processing, the provider is almost 0.3 points behind the top in fourth place.

Quality rating (Image: Wichtert)

The AIGs see intermediaries only in seventh place. This is mainly due to poorer accessibility, but also due to only mediocre application and claim processing.

At the bottom of the quality ranking is Axa, which according to those surveyed has the worst processing of requests and claims. In terms of accessibility (ninth place), the provider performed only slightly better than AIG.

Various other brokerage cooperative quality surveys

Vema conducts its quality surveys in a wide variety of insurance lines. In addition to death insurance (March 30, 2022, April 11, 2022) and employee insurance (March 9, 2022, March 15, 2022), it also includes complementary dependency insurance (February 7, 2022, February 2, 2022) and company pension plans (November 8, 2021, 11/15/2021, 11/26/2021).

Surveys were also conducted in machinery (1/17/2022), D&O (1/10/2022) and technical insurance (10/12/2021) as well as in the professional and civil liability segments (10/22/2021, 8/2/2021, 6/7 2021) and commercial insurance (14.7.2021).

Before that, the results for legal protection (April 8, 2021, April 13, 2021), animal and civil liability insurance (March 10, 2021), and construction insurance (February 5, 2021) were published.

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