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A close look at insurance - How well do they support customers in difficult times? (1/2)
A specialised article by Christoph Ruoff
A representative forsa survey commissioned by the vzbv (Federation of German Consumer Organisations) clearly shows that almost half of consumers (48%) are worried about the year 2024. In view of high food prices and expensive energy, the view of the future is not very optimistic. According to the forsa survey, inflation and rising prices are currently the biggest concerns for consumers. Against this backdrop, the insurance industry should also think about how it deals with the worries and potential financial problems of its customers.
In the first part, you can read, among other things, how insurers operate on the market in difficult economic times.
Reserves depleted
A representative SCHUFA consumer survey from October 2023 underlines just how tense the financial situation in German households really is: 55 per cent of respondents stated that they had less income since the beginning of 2023. One in two (52 per cent) even had to draw on their savings in the last six months. The fact is that more and more households have used up their savings (20 per cent, February 2023 14 per cent). This means that even people who have always been able to pay their bills on time are now experiencing payment difficulties. And this will also affect the insurance industry.
Dr Armin Zitzmann, CEO of NÜRNBERGER: ‘Our task is to stand by our policyholders as a reliable partner in these politically and economically difficult times.’
Need for advice higher than ever
Dr Armin Zitzmann, CEO of NÜRNBERGER, positions his company as follows: ‘Many people are very unsettled right now. Our task is to stand by our policyholders as a reliable partner in these politically and economically difficult times. The need for advice is higher than ever and customers are looking to talk to us. They need flexible solutions and simply the right cover. We are also working with them to adjust their insurance requirements and premiums in order to respond to their financial situation.’
atriga Managing Director Christoph Ruoff: ‘People who have always been able to pay their bills on time are now also experiencing payment difficulties. And that will also affect the insurance industry.’
Study reveals significant shortcomings
So far, however, only a few companies in the industry have thought about this. This is clearly shown by the study ‘Payment disruptions/defaults in the insurance industry: awareness, prevention and strategies in the private customer business’ by the ibi research institute at the University of Regensburg.
In principle, the experts from the insurance industry surveyed are also convinced that the financial situation of private individuals is deteriorating due to rising prices and high inflation. As far as future developments are concerned, 72 per cent of those surveyed believe that the situation of consumers will remain tense in 2024, and 28 per cent even believe that the situation will deteriorate further.
Significantly more customers with payment problems
How will this alarming assessment affect the number of private customers with payment problems or at risk of default? Around 62 per cent of respondents fear that the current percentage share of this group will ‘rise sharply’ by the end of 2024.
Read the second part of this specialist article to find out how digitalisation and the use of AI are making insurers fit for the customer communication of the future.
ibi research study
The study ‘Payment disruptions/defaults in the insurance industry: awareness, prevention and strategies in the private customer business’ was conducted by the renowned ibi research institute at the University of Regensburg (www.ibi.de). The study partners are the companies Krause & Schopp (www.krause-schopp.de), experts in payment transactions for the insurance industry, atriga (www.atriga.com/en), a pioneer in customer-friendly and digital receivables management, and the white label BNPL enabler axytos (www.axytos.com/en).
Exclusive workshop – Register now
For you: Exclusive workshop on the study ‘Payment disruptions/defaults in the insurance industry: Awareness, prevention and strategies in the private customer business’ by the ibi research institute at the University of Regensburg
You and your colleagues can now find out how insurers successfully master the challenges of dealing with payment disruptions- and defaults in the private customer business in a joint workshop with the experts from Krause & Schopp and atriga. In just one day, participants will gain an overview of current market trends, identify specific requirements and work together to develop possible solutions.
In addition to the presentation of selected study results, you will experience an exciting keynote speech by Prof. Dr Florian Artinger from Simply Rational, put on the customer glasses in the workshop and work out real solutions with specialists, i.e. take helpful recommendations for action back to your company. In addition, a highly topical excursus will answer the question of whether and where the use of AI/ML and generative AI makes sense and is possible.
The workshop is based on the study ‘Payment disruptions/defaults in the insurance industry: awareness, prevention and strategies in the private customer business’ by the ibi research institute at the University of Regensburg (www.ibi.de).
For further information, interested readers should send an e-mail to:
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