Increasing market potential for occupational disability insurance Broker survey shows: general terms & conditions and rating are the most important criteria in selecting an insurer

Increasing market potential for occupational disability insurance
Broker survey shows: general terms & conditions and rating are the most important criteria in selecting an insurer

Dialog products the most popular with brokers

Augsburg, 12 March 2009. A new study commissioned by Dialog Lebensversicherungs-AG has come up with important findings on occupational disability insurance in the broker sector. The people interviewed in a representative survey carried out by psychonomics AG, Cologne among brokers (distribution networks/pools, broker associations and independent brokers) in Germany and Austria confirmed a growth potential for occupational disability insurance. In 2008 the sales of occupational disability insurance covers mostly rose in comparison to the previous year, or at least remained stable. The outlook for 2009 is positive: the majority of brokers reckon that sales will increase or remain stable.

The most important criteria for selecting a provider of occupational disability insurance are the general terms and conditions and the rating. In the unprompted questioning the brokers prioritised the individual points as follows: 1. general terms and conditions, 2. cost/performance ratio, 3. premium, 4. rating, 5. occupational categorisation, 6. processing. In the prompted (multiple-choice) questioning the order of priorities was somewhat different: 1. rating, 2. competent risk assessment, 3. prompt application processing, 4. premium, 5. sales support, 6. personal contact. In Austria the order sometimes differs greatly: rating and risk assessment are not so important for the Austrian brokers, what counts more is premium, rate of brokerage, personal contact and image.

Excellent position for Dialog

According to the findings of the survey, Dialog is number one the intermediary frequency figures. Taking the two top boxes “First and Second Choice” together, Dialog ranks first in Germany and, taking only the first choice into consideration, comes a close third to two other competitors. In Austria Dialog is the undisputed leader with two and a half times as many entries as the next competitor. The specific reasons for brokering Dialog products are given as: 1. cost/performance ratio, 2. general terms and conditions, 3. premium, 4. the reasonable starter tariff SBU-start, 5. rating, 6. flexibility.

According to the brokers, Dialog is better than the competition (top 2 boxes “Excellent” and “Very good”) when it comes to application processing, the application acceptance rate at 89 percent is gratifyingly high.

Dialog Chief Sales Officer Rüdiger R. Burchardi is highly delighted with the positive broker rating: “As t h e specialist for biometric risks with a hundred percent focus on brokers, we are able to offer our distribution partners more than our competitors. The study has shown that conditions and ratings are particularly important for brokers. Thanks to many USP characteristics we are the market leader when it comes to terms and conditions and we have top assessments from the leading rating agencies. This also includes the award “Best Occupational Disability Insurer” from Focus Money. Our cost/performance ratio is right and we constantly work on optimising our service. The latest innovation is confirmation by telephone and a qualified first assessment as soon as an application for an occupational disability coverage is received. This is a great help for our distribution partners.”

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