Services: forcing banks to their customer’s insurance?

Consumer advocates and insurance agents share access to credit institutions. Their criticism: Unfair advice. Customers would get about life insurance imposed if they wanted a loan.

Versicherung sold through a variety of channels: the Internet, the company’s bound representative or the independent broker with honorary consultants or in the bank. The model of “bancassurance”, ie the integrated bank with private insurance class was a prior decade and a half times in vogue. But by law, it has not, as it turns out examples of the failed takeover of Dresdner Bank by Allianz. Although all insurers try to win a potent Bank as a distributor because they can generate business in bank branches. The banks are happy in times of diminishing returns on commission income. But the number of partners is limited: The Alliance has made fusion times more cooperation with the Commerzbank, Zurich with Deutsche Bank.

About this strategic change is easy to forget that there but certainly are integrated financial services on a large scale, namely the cooperative banks with R + V as of insurance and the savings banks with public sector insurers (provincial, Savings, Insurance chamber Bavaria), taken together, the second largest insurer in Germany. With its branched network of branches, they have built a barely beatable sales power. The R + V insurance has been one of the fastest growing companies in the insurance industry. They offer benefits in the package of the various possibilities, policies and banking products.

“I can do that not as a broker in my entire life”

But now, an unusual alliance formed against this fortress. Two lobby groups, which are usually located in different camps have launched a joint initiative to combat abuses of cross sales, the covenant of the insured (BDV), which represents the interests of 50,000 customers, and the Federal Association of German Insurance (BVK), he speaks for more than 40,000 representatives, agents, and brokers. “Comrades and savings forcing customers to take out insurance in connection with money products,” criticizes BVK President Michael Heinz. “We are experiencing a strong blurring, in what capacity the party is currently on the way. Here, the legislature must “draw clearer lines, said consumer advocates Axel Kleinlein, BDV-CEO, during a joint meeting in Berlin.

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70,000 requests include the Better Business Bureau annually. Often, customers turned to the BDV, who received a credit promises only on the condition to complete parallel and term life insurance over the money home. “It is sold the whole package even if the customer wants to have an independent term life insurance,” said Kleinlein. Heinz, who runs his own brokerage office in Siegen, chauffer about this kind of cross-selling, “That’s gag policy under the cover. We are your local bank” Often was also observed that banks relate to bank statements and asked customers whether he wanted to cancel his policy rather not and conclude with own insurance partners. Only in this way can be explained why some savings in concluding a three-digit number of private liability policies. “I can do that as a broker in my whole life not,” says Heinz. “We have no influence on that. That’s not our business practices, “says a spokeswoman for the R + V.