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Insurance distribution
More online contracts: For which insurance companies consultants remain important
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Woman with laptop: So-called embedded policies are often taken out when buying expensive consumer goods online. According to an industry survey, digital insurance sales have increased significantly in the past year. | Photo: Pexels / Pixabay
Same data – different interpretation: “Digital insurance sales are growing significantly,” is the title of the German Insurance Association (GDV)’s current press release on the special survey among member companies, which account for around 80 percent of premium income. According to this, digital insurance sales are becoming increasingly important in the private customer business. “In 2023, 19.1 percent of all insurance policies were taken out digitally,” reports GDV General Manager Jörg Asmussen. A year earlier, the share was 16.7 percent, in 2021 it was only 15.3 percent. “This is a remarkable development that follows the general trend of digitization of everyday life and consumer behavior,” says Asmussen.
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“Appreciation for insurance brokers”
Jörg Asmussen © www.gdv.de
On the other hand, the Federal Association of German Insurance Agents (BVK) places a strong emphasis on “high appreciation for insurance brokers”. “Internet sales are only increasing slightly,” emphasises the association of independent insurance and building society agents in this country in its statement to the press. “Despite a trend towards digital insurance contracts, the sales channel via insurance brokers remains dominant.” Around 80 percent of insurance policies are still concluded after consultations with insurance agents. “This appreciation of customers is both an obligation and a task for us for the future,” says BVK President Michael H. Heinz.
Digital tools for financial advisors
According to Heinz, many customers value personal advice, especially “for products that require a lot of advice and complex contracts for biometric risks” – such as life, occupational disability and private health insurance. Most brokers also use digital calculation and contract tools as a matter of course. With these, the professionals can make the contract process easier to understand for laypeople. “When it comes to property, accident and liability insurance, customers also prefer personal and dialogic advice from insurance brokers. According to the German Insurance Association, the proportion of new contracts here is as high as around 85 percent.”
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Motor vehicle policies with a high online share
Michael H. Heinz © BVK
For years, only just under 3 percent of life insurance contracts have been concluded purely digitally – i.e. without human help or advice via a website, a comparison portal or an app. In the case of motor insurance, on the other hand, the proportion of digital contracts has been particularly high for several years: 24.4 percent of contracts in this segment are already concluded over the Internet. The proportion has increased by a further 0.5 percentage points compared to 2022 alone. In the entire composite sector, the proportion of digitally concluded contracts in new business rose by 2.5 percentage points in 2023. Equipment protection insurance or warranty extensions are particularly often concluded digitally.
Divided picture in health insurance
Private full health insurance, on the other hand – similar to retirement products – is rarely taken out without a personal consultation. The situation is different with supplementary health insurance and international health insurance. These are rather small-volume contracts that many consumers want to take out themselves online with just a few clicks. This is why the proportion of purely digitally concluded contracts in the entire health insurance sector is now 29.4 percent. This corresponds to an increase of 2.8 percentage points compared to 2022. However, measured against the total private health insurance premium volume in 2023, the proportion of digital contracts is only a good 10 percent.
