The insurance industry is showing great adaptability boerse-social.com

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24/06/2022, 3703 characters

The insurance industry overcame the obstacles with lockdown and contact bans with brilliance

The country has become quiet. Although there are still a number of restrictions imposed on a wide range of facilities as part of the protection against infection, the pandemic feels over: Schanigarten, Beiz and Heuriger are open, it is possible to go to the hairdresser or the gym at at any time, and most of them also other companies have been screwed up again. It is quickly forgotten that the first measures taken by Kurz, Anschober and Co. introduced from April 2020, did not take into account the sensitivities of the economy.

The hotel industry, gastronomy and tourism suffered most from contact bans and lockdown and were therefore – rightly – in focus for the public interest. The fact that other sectors were equally dependent on walk-in customers and personal conversations was often overlooked.

A study from Munich – commissioned by insurance broker Marco Mahling – focuses specifically on the insurance and financial consulting industry. The question should be clarified to what extent the companies in the industry have suffered under the restrictions during the epidemic period. Just so much in advance: Some of the results were predictable, but others surprised us. Over 3000 agencies, brokers and consultants were surveyed. The study can be viewed for free HERE.

The fact that the representatives’ work suffered from the fact that personal consultations could not be carried out at all or only to a limited extent was not surprising as a result of the investigation. How the industry has responded to the challenge, however, has been quite remarkable. The insurance comparison portal “finansgewissen.de” writes in a statement that the change in the insurance industry away from paper and personal discussions to digital documents and online contacts did not come as a surprise – but the speed and calm with which this happened also raised eyebrows among experts .

The truly astonishing aspect that first emerged through the study does not have much to do with digitization. In light of company closures, layoffs, and short-term work, customers would actually have been expected to cancel or close their insurance policies, or seek other ways to reduce the contributions to be paid, so Marie, who had suddenly become scarce, was in it at least adequate for basic needs. Difficulty paying or defaults should actually have been expected. The evaluation of the study shows that this was also part of the counseling interviews – but in practice it rarely came to anything.

To compensate for a short-term lack of money by cutting back on significant hedging measures, it can be described as a bad idea. The study showed that annuities and life insurance are top priorities for customers. But it is precisely these that have the most obvious effect when they are needed, but the scope of services has been snatched.

This can be attributed to the consultants who – and this is the summarized result of the investigation – have quite obviously always found a workable solution for the client in such emergencies. Thanks to the consulting skills and the rapid adaptation to the new conditions, both were saved during the pandemic period: the important insurance protection of the customers as well as the industry as a whole.

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Negotiation, woman, clients, contract – https://www.pexels.com/photo/woman-talking-to-her-clients-7734597/

2. Increase and acceptance of online consultations & use of digital media – provided

Shares on the radar:Vienna airport, AT&S, EVN, Addiko Bank, Warimpex, Zumtobel, Wienerberger, Palfinger, Polytec Group, vig, FACC, Porr, CA Immo, Lenzing, Uniqa, semperit, SBO, Bawag, DO&CO, First group, Kostad, Pierer Mobility, RBI, Stadlauer Malzfabrik AG, voestalpine, Oberbank AG trunk, Agrana, RHI Magnesita, real estate financing, S Property, ATX.


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