Insurance Ombudsman 2023: Complaints against insurers and intermediaries processed faster than in the previous year

Insurance Ombudsman 2023: Complaints against insurers and intermediaries processed faster than in the previous year

According to a report by www.versicherungsjournal.de, in 2023 it took the Insurance Ombudsman an average of 58 days to finalize valid complaints against insurers after the complete file was submitted. Complaints against intermediaries took an average of 44 days. The number of complaints against insurance companies has increased by a seventh, while complaints against agents and brokers have decreased by almost a third.

These figures suggest that the complaints and the time it takes to resolve them could have consequences for both the insurance industry and consumers. An increasing number of complaints may damage the market reputation of insurance companies and may require additional response and resources to address these complaints. At the same time, longer processing times could increase consumer frustration and reduce trust in the arbitration processes.

Overall, the report's data shows that there may be a need to review the insurance industry's complaint handling processes and resources to ensure both consumer trust and the efficiency of complaint management. If these developments continue, there could be long-term effects on the competitiveness of the industry.