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- Signal Iduna Group reports that business supplement insurance is becoming more and more popular with businesses.
- Business owners would try to link their employees more closely with the company.
- Eyeglasses and contact lenses, naturopathic and dental services, as well as checkups are particularly popular.
Business insurance protection is gaining momentum in the specialty trades. The Signal Iduna Group, which is generally still growing, reports this trend. It increased gross written premiums by 3.4 percent last year to 6.3 billion euros. “This means that we have grown more than twice as fast as the market in general”, says the CEO of Signal Iduna, Ulrich Leitermann, presenting the balance. Despite higher damage costs, the overall result remained almost at the level of the previous year at EUR 856.1 million. He is also very satisfied with the first quarter of 2022.
Company insurance coverage for retention of skilled workers
Sales director Torsten Uhlig emphasizes that business owners want to increase employee loyalty with additional insurance benefits. Overall, demand increased significantly in 2021: “New contracts were more than 70 percent higher than the previous year. We are also seeing high growth in craft businesses,” the Signal Iduna board member explains. The benefit of better health insurance protection has become even clearer as a result of the corona pandemic.
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“Many smaller companies with three to six employees also take the opportunity to save taxes with company health insurance and receive attractive additional benefits in the area of private health insurance without medical control or waiting times,” Uhlig clarifies. Various fee modules can be combined with each other as needed: from vaccinations to acute services after accidents to extensive offers at the dentist.
What is particularly in demand? “Glasses and contact lenses, naturopathy and dentistry services, but also check-ups,” explains the sales manager. There is also an increased demand from employees in the trades for additional insurance for their family members. This is also easily possible within the framework of company health insurance.
Employer portal simplifies contract management
According to the Director of Sales, the shortage of skilled workers is not only leading to more company health insurance contracts, but also company pension plans. In addition, there was a clear increase in products to protect workers. “The increase in new business was almost ten percent, with more than 50 percent of new contracts coming from trades,” says Uhlig.
How can companies manage contracts? “Many companies use our employer portal for this purpose. This facilitates administration”, emphasizes the Sales Director.
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