8/24/2021 – The price no longer seems to be the decisive criterion in vehicle insurance for those willing to change. For new customers, additional services and the idea of fairness also count, as a survey by Sirius Campus shows. Huk-Coburg and the direct insurance subsidiary Huk24 have the best status among consumers.
The changing season in the motor insurance market is imminent. What will customers react to in 2021, which insurers will implement the wishes and how important is the cheapest price point for consumers? The market survey “Effective offer and brand communication for motor vehicle insurance” investigated these questions.
the Sirius Campus GmbH surveyed 754 consumers willing to sign up and switch between May and June for the evaluation. Result: The cheapest price is only the decisive criterion for a minority. Various benefits in the event of a claim are more important to consumers.
Provider with the most new customers
In 2020, the corona crisis slowed motor policyholders’ willingness to switch. The demand for consultancy appointments with agents also decreased. Most of the new customers in the automotive division were able to Allianz Insurance AG, the Axa Insurance AG, the Huk-Coburg Insurance, the Huk24 AG and the Verti Versicherung AG win (14.1.2021).
How business will develop in 2021 is still unclear. According to Sirius Campus, three aspects are of the greatest importance for willingness to take out a deal: price fairness, service orientation and support from the insurer.
Which motor insurer is ahead among those willing to change
The majority of those surveyed (41 percent) would choose the Huk-Coburg. In second place, albeit some way behind, is Huk24 (29 percent). They secure third place ADAC insurance (28 percent). 27 percent of the survey participants would choose the alliance.
- Basis: n = 754 final planners and those willing to change for
a car insurance, ranking according to total,
Multiple answers possible, details in percent.
(Bild: Sirius Campus)
According to the evaluation, Verti and Huk-Coburg each have the best “price fairness image” with 34 percent each. It is followed by Huk24 with 28 percent.
Additional listings are becoming more important
Before taking out a policy, consumers prefer to find out more online. You use comparison and search portals as well as the websites of the insurers. Those willing to change pay particular attention to the price-performance ratio, the contributions and the respective scope of services.
According to the market researchers, interested parties particularly value advertising statements on “extended service, benefits or price stability”. Statements about the cheap product or savings, on the other hand, are less important.
“As with most insurance products, potential customers want good value for money. However, it is less a question of specific prices than of the feeling of being supported, “said Gerden Ibrahim, head of the investigation at Sirius Campus, in a communication on the investigation.
Fairness plays an important role, especially for the relationship image, which in turn has an influence on willingness to buy, continues Ibrahim.
At the end of 2019, Allianz was the market leader
According to figures from the German motor vehicle insurers, at the end of 2019 and thus before the outbreak of the pandemic General Association of the German Insurance Industry eV (GDV) has around 121 million contracts. Compared to the previous year, this meant an increase of around 2.4 million units or two percent.
Most of the policies (over 12.9 million) were held by Allianz. In second and third place are the Huk-Coburg-Allgemeine Versicherung AG and the Huk-Coburg liability support fund for motorists in Germany aG with a good 10.1 and almost 7.3 million contracts, respectively.
This was shown by the “Industry Monitor: Motor Insurance 2014-2019” by VERS Leipzig GmbH and Sirius Campus GmbH (18.1.2021).
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