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Austrian government finds consumers prefer commission

A study by the Austrian Ministry for Labour, Social Affairs and Consumer Protection showed 68 per cent of consumers only want to pay for insurance advice once they take out a policy.

Research by the Austrian Financial and Insurance Professionals Association and seen by FTAdviser found between 15 per cent and 21.3 per cent of the Austrian population do financial and insurance business, at least partially via independent insurance brokers, insurance agents and financial consultants.

On average the trade body found 2.75 consultancy meetings take place before a customer concludes a contract or turns it down.

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The time it takes before conclusion or rejection of advice is between 5.6 and 6.3 hours.

In addition, there between 2.1 and five hours of back office time was spent on clients.

The on-going service for the existing customers (customer service and administration) takes between 1.4 and 1.8 hours per customer.