Which commercial insurance brokers are they most likely to recommend?

Sep 9, 2022 – According to a recent study, independent brokers are the most willing to recommend VHV in the area of ​​business/professional liability. It is followed by Gothaer, civil liability insurance and Hiscox. Allianz, Axa, HDI and R+V, which ranked second to fifth behind VHV in terms of market share, only finished in the middle. This is demonstrated by the “2022 Commercial Property/Accident Business Market Study” by Asscompact.

Brokers and multiple agents arrange by far the majority of business in commercial/professional liability insurance with VHV Allgemeine Versicherung AG. This is the result of Asscompact’s “Market Study for Commercial Property/Casualty Businesses 2022” (VersicherungsJournal 08/05/2022).

The BBG Betriebsberatungs GmbH study is based on an online survey conducted in June and July among insurance brokers, investment brokers and multiple representatives. The net sample size is 219 respondents.

Willingness of agents to recommend others.

Among other things, willingness to recommend the commercial insurer was recorded as part of the study. For this, the Net Promoter Score was used, which is frequently used in market studies.

Research showed that VHV is on top here too. An NPS value of nearly 61 is calculated from the highest proportion of Promoters (over 70 percent) and the fifth lowest proportion of Detractors (about one ninth).

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Gothaer second behind VHV

Gothaer Allgemeine Versicherung AG followed in second place, five positions ahead of new business. At 61.6 percent, Cologne residents have the third highest percentage of defenders. This compares to the second lowest critical rate of 5.6 percent, resulting in an NPS of 55.5.

The bronze position (each with values ​​of 50) is shared by the civil liability insurer VVaG (in 8th place in new business) and Hiscox SA, branch for Germany (in 13th place in new business). The Roßdorfer had the lowest proportion of detractors (one twentieth), while the Hiscox had the third highest proportion of promoters.

They are followed by two players, Markel Insurance SE and Continentale Sachversicherung AG, occupying positions 21 and 22 in terms of business share. Around seven interviewees are critics and just over 60 percent are supporters.

Professional liability insurer NPS (Image: Wichert)

Ranking second to fifth in terms of business share, Allianz Versicherungs-AG, Axa Versicherung AG, R+V Allgemeine Versicherung AG and HDI Versicherung finished in the middle at best when it came to recommendations. Advocates’ shares between 38 percent (HDI) and 50 percent (Allianz) contrasted with critics’ shares between a fifth (R+V) and a seventh (HDI).

A look at the quality of service.

The study does not provide any concrete reason for the widely different evaluations. However, a look at the service quality assessment of commercial and professional liability insurers, which was also examined in the study, shows an explanation for the different NPS values.

The four players mentioned above only reached half of the overall satisfaction rating. Allianz did better in eighth place with 85 out of a possible 100 points. On the other hand, Axa and R+V were only in 15th place with 81 points each.

The inhabitants of Cologne and Wiesbaden do not belong to the top three in any of the 14 satisfaction criteria surveyed. The former is one of the three worst-rated test candidates in terms of fee flexibility. From a broker’s point of view, R+V offers the third worst decentralized sales support and the second worst offering documents.

VHV also wins the satisfaction rating

On the other hand, the VHV also achieved the highest score (89) in the satisfaction index. The Hanoverians finished in the top three twelve times. The partially shared first place even jumped seven times. This includes product quality, value for money, and new business processing, as well as three of the top five aspects of agent satisfaction.

Gothaer and Markel share second place in satisfaction (87 points each). Markel notably scores top marks for the superior claims settlement criterion, as well as for product quality and degree of digitization.

Respondents gave Gothaer the best service for existing customers, the best quote calculator, and the best brokerage deal.

More study details

The 341-page “Commercial Property/Casualty Business Market Study 2022” contains not only detailed rankings of business shares and broker satisfaction, but also an analysis of the top vendors.

The volume of the report can be ordered for EUR 2,677.50 including VAT from Sophia Tannreuther by email or by phone on 0921 7575823.

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