allianz direct has almost 300 vehicles in its portfolio.000 motor insurance policies lost to predecessor allsecur: almost a quarter of their portfolio. Surprising, because the munich-based parent company also wants to grow substantially and become the market leader in motor insurance. The insurer explains why this is the case: the losses have been planned for.
Allianz also wants to become number one in car insurance and insure the most cars: this has been announced several times by the board of management. Currently, HUK-Coburg is still number one, with a plus of around 3.7 million contracts, clearly keeping its competitors at bay.
one building block in the race to catch up should be allianz direct: munchener’s new direct insurer, which has an important focus in motor insurance. In the fall of 2019, the hopeful went on the market just in time for the changeover season in motor insurance. allianz promised simple rates that can be quickly concluded via app, and the new flagship should also conquer europe and the rest of the world – a showcase project from company boss oliver bate. the portfolios of the former direct insurance subsidiary allsecur were transferred to allianz direct.
It is therefore all the more surprising that allianz direct was unable to win any new car policies and in fact lost a massive amount of business. Just under 300.000 former allsecur contracts were lost by allianz in 2019, equivalent to almost a quarter of its former portfolio (22.8 percent), according to the "motor insurance industry monitor" published by the V.E.R.S. Leipzig gmbh. procontra online draws attention to the figures on thursday.
Allianz: losses planned
However, a spokeswoman for the allianz subsidiary told procontra online that the losses were a one-time effect – and had been planned for. According to the spokesman, the company has changed its sales strategy and no longer lists its direct rates on comparison portals, as they demand comparatively high commissions for a new contract. Accordingly, it was not possible to compensate for portfolio losses via the comparison portal new business.
allianz thus leaves open whether the outflows could also have something to do with the bumpy start of allianz direct. Existing customers of the predecessor allsecur complained about the new direct insurer after its launch in the fall of 2019: despite cancellations, contracts had been continued and the service was poor. In some cases, policyholders did not know who their new contact person was and how they could reach allianz direct. The online rating platform trustpilot has at times been the subject of scathing criticism (versicherungsbote reported).
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At the time, there was criticism that allianz direct was launched too early and still had children’s faults. But these problems have also been solved in the meantime. On trustpilot, the direct insurer has a rating of 10 today.558 ratings an average of 4.0: that corresponds to an overall rating of "good. A maximum of five stars can be achieved.
Allianz direct went public on 1. October 2019 launch in germany and the netherlands. In both countries, the new insurer replaced its predecessor, allsecur, and took over its portfolio. Expansion in other european countries had to be postponed due to the corona crisis: italy is to follow this quarter, spain then within the first three months of 2021.