Reasons Why IDA Forsikring Is More Affordable

It is not a coincidence that IDA Forsikring consistently ranks high in insurance price comparisons, as it operates differently from traditional insurance providers.

IDA Forsikring is an independent association managed by its board of directors. The board entirely controls its product range and pricing structure. Unlike commercial insurance companies, IDA Forsikring does not have shareholders seeking profit; instead, it serves its members, who prioritise good advice and low prices.

The insurance market features various types of insurance and players, each with unique skills and benefits. According to Nils Holm Jørgensen, CEO of IDA Forsikring, the 13% growth in the company's business in 2019 indicates that its prices are among the lowest in the Danish market. "This growth outpaces both IDA's membership increase and the insurance industry overall, highlighting our competitiveness, as price is a primary driver in the insurance market," says Jørgensen.

Members of IDA Forsikring are generally conscientious about their belongings

A Danish price comparison website, Samlino, analysed car insurance in Denmark, consistently finding that IDA Forsikring offers highly competitive products. Their analysis shows that IDA Forsikring ranks among the top three insurance providers across nearly all age groups, in the top three 86% of the time. When considering collective discounts, IDA ranks first in 93% of cases and remains competitive in almost all circumstances, making it the most affordable option.

IDA Forsikring partly maintains its low prices because its members demonstrate less risky behaviour than the general population, evidenced by their low claims rates. Despite offering affordable rates, the company still generates a small profit, showcasing the responsible behaviour of IDA's members, according to Jørgensen.

The organisation operates efficiently, resulting in low costs for its members. Most members utilise online self-service solutions, which allow for quick case processing and increased accessibility around the clock. This efficiency enables employees to concentrate on other important tasks rather than solely providing advice.

IDA Forsikring does not incentivise its advisers with bonuses, eliminating sales pressure. The company evaluates its employees based on member satisfaction and productivity, according to Jørgensen.

Additionally, IDA Forsikring ensures its members receive the best and most affordable insurance by negotiating with multiple suppliers. The company manages its members' financial interests through group schemes, negotiating favourable terms on their behalf. For example, while Tryg is the primary insurance provider, IDA Forsikring collaborates with a third party to offer Health and Supplemental Unemployment insurance.

It's worth noting that IDA Forsikring does not incentivise its advisers with bonuses, which eliminates any sales pressure. The company measures its employees based on members' satisfaction and productivity, says Nils Holm Jørgensen.

Furthermore, IDA Forsikring negotiates with multiple suppliers to offer its members the best and most affordable insurance. The company handles its members' financial interests through group schemes, where IDA negotiates terms on behalf of its members. For instance, while Tryg is the primary insurance provider, IDA Forsikring has agreements with a third party to provide Health and Supplemental Unemployment insurance.