These are the best insurers in 2022

insurance for cyclists

Digital policy conclusions are an important criterion for young target groups

(Photo: dpa)

Cologne Digital insurer Wefox relies on pure emotion in the competition for attention. The German-Swiss insurtech signed shirt sponsorship deals with Italian soccer champions AC Milan and Bundesliga club Union Berlin earlier this year. Wefox wants to reach existing and potential customers in the stadium or on TV, where they can experience exciting duels. In this way, the company combines the rational world of insurance with the great emotions of football.

For the start-up, the appearance in the real world is the basis of online campaigns in the area of ​​customer service. Relevant digital campaigns on social media generated short-term traffic, says Wefox marketing manager Alexander Huber. However, in the long run, they would be of little use “if you don’t build brand awareness in the same way.”

More effort in strengthening the brand itself – in the insurance sector is the order of the day. Because in uncertain economic times, customer loyalty threatens to decline. “Consumers are in austerity mode in the face of high inflation. This should increase the willingness of insurance customers to switch,” says Claus Dethloff, managing director of the Servicevalue analysis institute in Cologne. “If insurers want to counteract this, they are advised to choose analog channels in addition to digital channels for customer service.”

The Wefox digital specialist hits the nail on the head with contact and customer service. The company is number one in the category of digital insurance experts – this is the result of Servicevalue in an online customer survey for Handelsblatt. Wefox prevailed against 25 competitors in its segment.

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Big brands dominate

Last May, Servicevalue collected more than 120,000 customer reviews for 614 service providers in the insurance industry. The Cologne experts considered a total of 21 categories. The most successful company in the ranking is Allianz, which ranks first in twelve categories, including life insurance, civil liability and company health insurance.

According to Dethloff, head of the Servicevalue studio, the Munich-based group, number one in Germany and number two in Europe after Axa, is benefiting from its market position. “Allianz is a big, strong brand,” he says. For this reason alone, it appears attractive in the eyes of consumers. According to Dethloff, leading providers are given a leap of faith over younger or smaller competitors. “A strong brand helps customers be more patient with digital processes like underwriting,” says Dethloff.

All the results and methodology of the ranking in PDF in the download.

Of course, insurers are working to ensure that no patience is required at all. Contact with the customer in the digital space should work without problems. Allianz investigates how people react to online offers with the help of eye trackers, among other things. The devices track how test subjects’ eyes search for buttons on a computer monitor or smartphone screen. The goal is to make the click path to the digital conclusion of an insurance policy as intuitive as possible.

An interdisciplinary Allianz team has been researching customer needs for five years. In addition to insurance experts, the team also includes sociologists and psychologists. They collect about half a million customer reviews every year and evaluate them. Allianz experts also determine the needs of citizens online and in personal conversations. “We want to know what moves people, also beyond insurance issues. This is the only way we can be there for our clients according to their needs. This cannot be done with digital methods alone,” says Olaf Tidelski, Director of Customer Service (CCO) at Allianz Germany.

In a video on the Allianz website, CCO Tidelski promotes the “shapers of the future.” Those who register will have to rate the insurer’s ideas and even help design products. “Together we develop, discard and change new services”, promises a second video, which aims to make the commitment acceptable as a modeler of the future.

Boosts for new services

Consumer surveys help Allianz react quickly to customer problems. Since April this year, the insurance company has been helping electric car owners apply for their legally guaranteed greenhouse gas (GHG) reduction quota. This shows how much CO2 was saved by using an electric car. The insurer helps to obtain the premium due to the owners. “Electric vehicle owners can register for premium reimbursement on the Allianz website, and our partner ADAC will handle the processing and payment,” says Tidelski.

Established insurers also enjoy the best reputation among young clients, as shown by a study by the digital consultancy Senacor. It asked 18-29 year olds which providers they would be willing to take out insurance with. 61 percent of young people are more likely to sign with one of the well-known brands such as Axa and Allianz. Direct insurers like Cosmos and Huk24 are right behind at 54 percent. Digital insurtechs reach eleven percent.

In the Servicevalue ranking, Hepster, an insurtech, is at the top of electric bike insurers. “Pure digital insurance currently works primarily for property and casualty insurance,” explains CEO Christian Range. “What matters here is that the policy can be taken out quickly and intuitively.” Less than five percent of customers use analog hotline services in addition to digital contact. “Image and confidence in the market are also essential for us. However, compared to classic insurers, we have less direct, personal contact with the end customer,” says Range.

Hepster regularly achieves sales success without any customer contact through its own landing page or app. The young company from Rostock is opening up new target groups primarily with the help of cooperation in the so-called integrated insurance. The insurance is offered as a package with other products or services. For example, Hepster’s partner, Bikefinder, markets an integrated bike tracking device. Bikefinder sells this device on a monthly subscription model, with optional theft insurance coverage from Hepster.

More: Ranking of service providers: The best banks.


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