What worries insurance agents

ÖVM initiative wants to ensure independence and quality of advice

Vienna (21.09.2015 / 10:30) - More and more insurance brokers in Austria are looking for a suitable successor for their business. The average age is almost 50 years and is still increasing. A quarter of all independent insurance brokers are due to be handed over by 2018, says the Chamber of Commerce. If the next generation is missing, the insurers take their place - with negative consequences for the variety of offers, independence and quality of advice. The Austrian Insurance Brokers' Association (ÖVM) is discussing solutions. http://www.oevm.at

Under the motto "Follow me!" the ÖVM has started a successor exchange, which is already enjoying great demand: http://www.follow-me.cc. Here, young brokers can find out about customer portfolios that are becoming available and get advice from brokers who are willing to withdraw and who are thinking of withdrawing during the sales process. With its platform, the representation of interests of the domestic brokers creates awareness of the problem and offers a range of services to handle business transfers professionally. The ÖVM follow-up day on Monday, September 21, 2015 in Vienna marks the start of the information campaign - together with the Association of Insurance Brokers and Wiener Städtische Versicherung.

Bringing together, promoting exchange

The focus of the ÖVM follow-up day is on specialist lectures on the subject of company handover and the related legal, financial and strategic issues. The highlight is an "elevator pitch" in which prospective buyers introduce themselves to customer portfolios and vie for the attention of brokers who are looking for a successor solution. Following the kick-off event in Vienna, further information days are planned in the federal states so that ÖVM members outside Vienna can also be supported with a network of experts and advisors.

"With our matching platform 'Follow me!' we want to bring companies willing to hand over and take over as well as possible intermediaries and investors together, promote exchange and thus arrange a smooth generation change in the industry ", explains ÖVM President Ing. Alexander Punzl. "In addition, we want to make a valuable contribution to insurance customers by ensuring the future of independent and high-quality advice in Austria with our initiative."

Brokers refer to the variety of offers

While sales staff of large insurance companies are bound to the product range of their own company, independent brokers usually fall back on offers from up to six competing insurers. This variety of products, coupled with the independence of the broker, guarantees private and commercial customers the best possible advice. Compared to external employees of insurance companies, broker customers can therefore also look forward to a better price-performance ratio.

The generation change in the real estate scene is becoming a long-running hit. If the pending company handovers do not work properly, this calls the insurance company on the scene. You reach for insecure customers either directly or indirectly through insurance agents, whose usual broker has retired without finding an adequate successor solution. "This would mean that in future customers would no longer be given independent advice on a wide range of insurance benefits. We want to prevent that," explains ÖVM President Alexander Punzl.

Brokers vs. Insurance Agents

"Insurance agents" are contractors of insurance companies and are contractually obliged to sell the insurance products of that insurer. They are bound by instructions and must therefore represent the interests of their client (insurer). "Insurance brokers", on the other hand, see themselves as independent, fiduciary trustees of the interests of the customer. They work independently from the insurance company and are contractually obliged to their customers. In this way, you guarantee optimal advice and support based on an extensive range of products from various insurers.

Austrian Insurance Brokerage Association (ÖVM)
Christine Weiländer, General Secretary of the ÖVM
Gottfried-Alber-Gasse 5-6, A-1140 Vienna
Tel .: 01/416 93 33 13
Mail: [email protected]
Web: http: //www.oevm.at