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Munich (dpa) – The largest insurer of Europe Allianz wants to fight with new products against the falling market of life insurance: a policy developed for young people Customers should offer similar flexibility payment dates.
"We have conducted intensive client surveys and found that there is a target group that we do not consistently reach: young people who appreciate flexibility and want a fully digital offer," he said. Volker Priebe, CEO of Allianz Leben.
Life insurance remains a very popular form of retirement in Germany. At the end of 2017, there were 84.1 million contracts in Germany – more than residents. Twelve million of these policies are in the books of Allianz. But business is difficult, stocks and new business are slowly but significantly decreasing. According to the German Association of Insurers, in 2013, there were still 89.6 million policies. However, Allianz Lebensversicherung has been challenging the trend of the industry for years and is growing against the market – most recently in 2017 with a 21 percent increase in new business.
The sector is particularly concerned about the decrease in the number of new contracts. This has dropped more than ten percent since 2014, from 5.5 to 4.9 million new contracts last year. The consulting firm KPMG prophesized in a study published in March that the turnover in the "life" sector would fall by 1.7 billion euros by 2020.
Due to the zero interest rate policy, traditional endowment policies with guaranteed interest rates have become expensive for businesses and the customer base has become less profitable. The guaranteed interest rate is currently at a meager 0.9%. Many insurers no longer offer these "clbadic" contracts of old models. Instead, there are new models – now, in the meantime, only paid-up capital is often guaranteed, and interest is flexibly generated in the capital market.
However, there are still fixed monthly fees for the account. The alliance is moving away from the traditional model. "With our new solution, customers can file when and how much they want and get paid for what they want." The Group guarantees contributions for its 67th anniversary. In the event of death, the present value of the contract will be paid from the contributions paid.
To further deter younger customers, Allianz identified an extensive match. Therefore, the offer should be numerically possible from the first to the last step.
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