Favorite insurance of the Germans causes trouble

Munich The dissatisfaction of customers of the life insurer Proxalto is great. “Neeeeeeeeee again. I’ve been chasing my money for months,” writes user Jassi Rex on the Trustpilot rating portal.

The insurer Proxalto, which took over more than three million life insurance policies from Generali in 2019, has had to put up with strong criticism online. Proxalto now promises to close all cases as quickly as possible.

Are the problems solved? For a number of years, life insurers have been selling old policies that are no longer profitable for them to other companies. This may be good business for one or the other insurance group – but for many affected customers it is a nuisance.

The Handelsblatt spoke to insurers and customers, to supervisors, scientists and sales specialists. The result: the number of such cases will increase. Insurers have so far handed over a good six million of the almost 83 million policies in the country to processing companies such as Proxalto.