Standard Life Germany has been named the top choice for German brokers advising on life insurance, a...
Standard Life Germany has been named the top choice for German brokers advising on life insurance, according to the Charta-Qualitatsbarometer (quality barometer) survey of brokers.
Psychonomics, a division of market research organisation YouGov, said that since the barometer started in 2002, British life insurers such as Standard Life, Clerical Medical and Canada Life had steadily worked their way up the rankings, succeeding in snatching a piece of the action from traditional German providers.
Psychonomics said all three of the British companies mentioned "convince brokers with their flexible and profitable products, German providers initially hardly being able to respond with adequate products". It added that Standard Life "offers a very good service and diverse additional benefits for brokers".
Opportunities for providers in the German market should only increase, said Psychonomics, as despite the Germans' increasing appetite for safety, there is a massive shortfall in pension saving, particularly among the young, with 68% of those under 30 having insufficient retirement provision in place.
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