The importance of private car insurance for brokers and multiple agents has declined over the past five years and will continue to decline in the years to come. At least that is what the independent brokers who were asked in the newly launched study “AssCompact AWARD – Private Kfz- & Flottenversicherung” expect. However, the private motor vehicle insurance business is still highly or very highly relevant for every second brokerage company (48.3%), albeit with a downward trend. And even if this trend continues, the brokerage of private motor insurance will still make up an important part of the business in many companies for a long time to come.
Competition to CHECK24, Verivox and Co.
But how can brokers obtain adequate business from the low margins in private car insurance in the long term? This question is also difficult to answer because Internet comparison portals are increasingly challenging established brokers for the easily standardized motor vehicle insurance business. Already today over 30% of the study participants attribute great or very great relevance to the competition from the comparison portals. And in the coming years, almost 40% of those surveyed expect that the competition with CHECK24, Verivox and Co. will have a significant impact on their business.
While it remains to be seen how the challenge posed by the comparison portals can be met, it is clear that brokers will only be able to continue to achieve good results in the private motor vehicle business if they cooperate with efficient insurers. And in order to estimate which insurers brokers prefer to work with, AssCompact dealt on the one hand with the question of whom most business is currently being mediated and on the other hand with which product providers the independent brokers have had particularly good experiences.
VHV dominates in terms of business shares
–
First, a look at the hard numbers: If you look at the share of wallet among the study participants – i.e. the amount of business shares that brokers convey to the individual insurers – VHV pulls everyone else away. Brokers and multiple agents only broker a little more than half of the business shares that flow to VHV to the second-placed R + V Group. In third place went AXA, which was able to sit down with a wafer-thin lead over the Itzehoer. Both insurers can each combine around a quarter of the business shares compared to VHV, which came first. The table opposite provides an overview of the other placements within the top ten providers.
–
