Frankfurt, 16 April, 2008: Expert consultation, clear terms and conditions and product flexibility are three important factors for German consumers when choosing a lending institution or credit, says a recent study by leading financial security company Genworth Financial.
Conducted in partnership with marketing research institute, Maritz Research, the survey found that consumers are looking for products that are simple to understand and manage; products that offer security in times of turmoil – such as payment protection insurance (PPI) – and guidance from financial experts as to which products are right for them.
Despite some of the criticisms surrounding PPI, the survey showed that many consumers recognise the value and advantages of payment protection insurance – they would simply like more information about the insurance at point of sale. In particular, respondents said they would like clearer information with regard to the level and type of insurance offered as well as the associated terms and conditions.
“In many ways, this survey confirmed what we already knew,” said Ian Baker, Regional Manager for Genworth Financial. “At Genworth, we have been working with our lending partners for more than 10 years to provide detailed and easy to understand advice at point of sale. In fact, one of our proudest achievements is a revision to our terms and conditions that saw them reduced to approximately 4-6 pages – and all written in ‘plain language’ too.”
“Of course, we don’t just use the findings of surveys like this one to tell us what we’re doing right – we also use them to help us develop products that better meet consumer needs and to develop improved training and customer service tools that enable our partners and us to provide the best service possible.”
Genworth plans to repeat the survey in further European countries and to use the aggregate information to develop tailored products that meet the needs of defined consumer segments. “We subscribe fully to the philosophy of ‘Treating Customers Fairly’,” said Mr Baker. “Surveys like these help us to better understand consumer needs – and to ensure we do just that.”
Note to Editors:
A short summary of the key findings of the survey is available below. Further information can be obtained by contacting Christel Liedke: Email christel.liedke@genworth.com, Telefon 06102 2918 140.
1. Payment Protection Insurance (PPI) is generally seen as good product, offering useful security in times or turmoil (f. e. unemployment, long-term sickness). Consumers expect their attention to be drawn to the possibilities of payment protection insurance.
2. Depending on the individual life stages the requirements vary considerably with regard to the flexible design of protecting duration and protected amount.
3. Consumers expect products, which are easy to be understood and to administer.
4. The "right" time for advise and signing a PPI contract is seen in combination with taking out a personal loan or signing a contract for any kind of financial obligations.
5. Most attractive are products the consumer can purchase and paid for independently e.g. from a personal loan, allowing prize comparisons with other suppliers.
6. Personal consultation by an expert is very important for most of the questioned consumers. On the other hand an increasing tendency is to be observed where consumers use the Internet as a source of information themselves.
ENDE
Über Genworth Financial
Genworth Financial, Inc. ist ein führendes Versicherungsunternehmen auf dem Gebiet der finanziellen Absicherung und bietet mehr als 15 Millionen Kunden in 25 Ländern Leistungen in den Bereichen Lebensversicherungen, Altersvorsorge, Kapitalanlagen und Hypothekenversicherungen.
In Europa ist Genworth auf dem Gebiet der Restschuldversicherung sowie der Hypothekenversicherung tätig und arbeitet hier eng mit Darlehen gebenden Instituten, Vermittlern, Beratern und anderen Finanzdienstleistern zusammen.
Weitere Informationen erhalten Sie unter: www.genworth.de.
Über die Restschuldversicherung (Payment Protection Insurance)
Mit Hilfe der Restschuldversicherung (PPI) können Kunden im Falle von unverschuldeter Arbeitslosigkeit, Krankheit, dauerhafter Invalidität oder Tod Ihren Zahlungsverpflichtungen für ausstehende finanzielle Verbindlichkeiten, wie Fahrzeug- oder andere Privatkredite, Kreditkarten und Hypotheken nachkommen.
Medienkontakt:
Valentina Santoro
Email
valentina.santoro@genworth.com Telefon +44 208 3802059
Mobile +44 787 9435931
Internet
www.genworth.com Christel Liedke
Email
christel.liedke@genworth.comTelefon +49 (0)6102 / 2918-140
Mobil +49 (0)173 / 546 0571
Internet
www.genworth.de
