ASR Nederland offers investment insurance customers immediate compensation and alternative products
ASR Nederland concedes to customers that are dissatisfied with their investment insurance policy with three initiatives. The compensation that customers are entitled to today, should be paid out to their policy this year. In collaboration with intermediaries, ASR also offers customers a consultation with their advisor and will actively offer customers the possibility of switching to one of the new ASR Verzekeringen products with no penalty.
To provide customers with investment insurance policies a better prospect, ASR Nederland will offer a concrete proposition for compensation of their investment insurance. In practice, this means that customers will receive the compensation he or she is entitled to in their policy, immediately. ASR will meet with consumer foundations to discuss this, because the current agreement is that compensation will be paid out at the end of the policy.
Moreover, starting in May, customers will receive an invitation for a consultation with their financial advisor. During this consultation all possibilities will be discussed and the solution that best fits the customer will be examined.
ASR Nederland will offer customers the possibility of switching from their current investment insurance to one of three new capital accumulation products without penalty. These are products with a low and transparent cost level that separate risk from capital accumulation.
Those three products are:
- ASR VermogenBelegd, whereby customers can choose from four different investment funds and choose their own risk profile.
- ASR VermogenGarant. This investment insurance policy is a so-called guaranteed product, whereby the customer will precisely know the minimum return at the end of the policy.
- ASR Lijfrente Opbouw Regeling. This is a tax driven bank savings product.
The new ASR Nederland products do not include term life insurance. This can be bought separately from capital accumulation products.
Starting in May, ASR Nederland will approach those customers for whom switching to a new ASR product is a possibility. This timeframe is necessary to prepare our own customer service for this change. Because the expectation is that this will involve a substantial number of policies, customers will be approached in clusters and the procedure will take the rest of the year, possibly extending into 2012.
CEO Jos Baeten: 'For the past four years the discontent regarding investment insurance policies has lingered. Customers want a different solution than the one we have offered so far. Feedback from customers and consumer research have made it clear to us that few customers can appreciate that compensation will only be paid out at the end of their insurance policy. Moreover, customers feel trapped in a product they are unhappy with. We want to offer customers a better prospect.'