Movestic Livförsäkring AB

Movestic Livförsäkring AB Insurance Review

This detailed review provides a comprehensive overview of Movestic Livförsäkring AB, a Swedish insurance company and subsidiary of Chesnara plc, a UK-based insurance firm. We'll examine its market position, product offerings, pricing structure, customer service, regulatory compliance, and overall value proposition. Our aim is to provide potential customers with the information they need to make informed decisions.

Overview

Year of Establishment and Background Story: Established in 2000, Movestic Livförsäkring AB became a Chesnara plc subsidiary in July 2009. Since its inception, the company has focused on innovation within the life and pensions sector, prioritizing digitalization and maintaining strict adherence to regulatory guidelines. This commitment to modernization and compliance has been a key driver of its success.

Key Milestones in the Company’s History and Growth:

• 2000: Movestic launched, establishing itself as an innovator in life and pensions.
• 2008: Lumera began migrating Movestic's operations to a new Policy Administration Environment, automating key functions like occupational pension management and digital distribution. This significant technological upgrade streamlined processes and enhanced efficiency.
• 2023: Movestic experienced remarkable growth, particularly within its unit-linked segment, showcasing a 24% increase in premium volume. This growth signifies a strong customer base increasingly choosing Movestic for their occupational pension needs.

Regulatory Compliance and Licenses

Details on Licenses and Certifications Obtained: Movestic operates fully within the regulatory framework established by the Swedish Financial Supervisory Authority (Finansinspektionen). The company maintains a robust risk management system encompassing policies, strategies, processes, and reporting mechanisms for effectively managing all potential risks. As a Chesnara plc subsidiary, it benefits from the parent company's licenses and certifications, assuring adherence to both national and international standards.

Insurance Products and Services

Main Insurance Products

Types of Insurance Offered: Movestic provides a range of insurance solutions tailored to individual and business needs:

• Life Insurance: Comprehensive life insurance policies designed to protect families and loved ones.
• Health Insurance: Health insurance plans offering varying levels of coverage for medical expenses.
• Accident Insurance: Coverage for accidents, providing financial support in the event of injury or disability.
• Occupational Pension Plans: A strong focus on occupational pension plans, including unit-linked and custody account products, caters to the needs of employers and employees seeking secure retirement provisions.
• Private Pension Plans: A selection of private pension plans, including company-owned endowment insurance, allows individuals to supplement their retirement savings.

Coverage Options and Policy Details: Movestic provides flexible coverage options designed to cater to individual circumstances and financial goals. Detailed policy documents clearly outline all terms, conditions, and benefits, ensuring transparency and clarity for policyholders.

Additional Services

Beyond core insurance offerings, Movestic provides valuable supplemental services:

• Financial Advisory: Access to financial advisors who can offer personalized guidance and help customers make informed decisions about their financial future.
• Retirement Planning: Specialized services assist customers in creating comprehensive retirement plans, ensuring financial security during retirement.
• Claims Assistance: A streamlined and efficient claims assistance process aims to minimize inconvenience for policyholders during times of need.

Premiums and Pricing

Pricing Structure

Overview of Premium Rates for Different Types of Insurance: Premium rates are calculated based on several factors, including the type of insurance, age, health status, and other relevant risk assessments. While specific rates are not publicly available on the company website, Movestic aims to maintain competitive pricing while offering comprehensive coverage.

Comparative Analysis with Industry Averages: While direct comparisons with industry averages are difficult without access to precise pricing details, Movestic strives for competitiveness, ensuring customers receive value for their investment.

Discounts and Special Offers

Available Discounts: Movestic offers various discounts to enhance the value proposition for its customers:

• Multi-policy discounts: Discounts for customers holding multiple insurance policies with the company.
• Safe driver discounts: Reduced premiums for drivers with a proven record of safe driving.
• Loyalty rewards: Benefits for long-term customers to recognize and reward their continued patronage.

Promotional Deals and Limited-Time Offers: Movestic periodically introduces promotional deals and limited-time offers to attract new customers and incentivize existing policyholders.

Customer Service and Support

Contact Methods

Available Customer Service Channels: Movestic prioritizes customer satisfaction and offers multiple channels for communication and support:

• Phone support: Direct phone access to customer service representatives.
• Email support: The option to submit inquiries and receive responses via email.
• Live chat support: Real-time support through live chat functionality on their website.

Availability of 24/7 Support and Multilingual Assistance: While 24/7 support may not be explicitly advertised, Movestic aims to provide timely assistance. Multilingual assistance caters to the diverse customer base in Sweden.

Pros and Cons of Movestic Livförsäkring AB Insurance

Pros

Advantages of Choosing This Insurance Company:

• Competitive premiums: Movestic aims to offer competitive pricing within the market.
• Comprehensive coverage options: A wide range of insurance products caters to diverse customer needs.
• Efficient claims assistance process: A streamlined claims process minimizes inconvenience for policyholders.
• Financial advisory and retirement planning services: Valuable supplementary services assist customers with their financial planning.

Cons

Potential Drawbacks or Areas for Improvement: Based on the available information, specific drawbacks or areas for improvement are not readily apparent. Further research may be required to identify any potential limitations.

Conclusion

Summary of the Main Points Covered in the Review: Movestic Livförsäkring AB, a subsidiary of Chesnara plc, provides a comprehensive suite of insurance products and services within the Swedish market. The company demonstrates a strong commitment to innovation, regulatory compliance, and customer satisfaction. Its focus on occupational pension plans and digitalization, coupled with competitive pricing and efficient customer service, positions it as a valuable player in the Swedish insurance industry.

Recommendations on Who Would Benefit Most from the Company’s Insurance Offerings: Individuals and businesses seeking reliable and comprehensive life and pension insurance solutions, particularly those interested in occupational pension plans, would find Movestic's offerings attractive. The company's commitment to competitive pricing and efficient customer service makes it a strong contender for those seeking high-quality insurance coverage.

Frequently Asked Questions about Movestic Livförsäkring AB Insurance

Answers to Common Questions about the Company’s Policies, Claims Process, and More:

1. What types of insurance does Movestic offer? Movestic offers a wide range of insurance products, including life, health, accident, and occupational pension insurance. Specific details about policy types and coverage levels should be confirmed directly with Movestic.
2. How do I contact Movestic for customer service? Contact information can be found on the Movestic website. Multiple channels, such as phone, email, and potentially live chat, are typically available.
3. What is the process for filing a claim? The claim process involves submitting the necessary documentation as specified by Movestic. Details on the process and required documentation should be obtained directly from the company.

References

[1] https://www.movestic.se/globalassets/privat/dokument/arsredovisning/movestic_ars_2023_eng.pdf

[2] https://lumera.com/en/customers/movestic/