Reliability, solidity and far-sightedness are among the key elements of Hanseatic virtues and cooperative values. Both apply to Condor Versicherungen, firmly rooted in the Hanseatic City of Hamburg. The broker insurer has been part of R+V Versicherung since 2008, making it an integral part of the cooperative FinanzGruppe, whose members, including the 1,100 German commercial credit cooperatives (Volksbank) and agricultural credit cooperatives (Raiffeisenbank), R+V Versicherung, Bausparkasse Schwäbisch Hall, Union Investment and DZ Bank, have always stood for economic success and socially responsible conduct.
A “true” broker insurer. Initially founded by entrepreneur Rudolf-August Oetker as a transport insurer at the time of the “economic miracle”, Condor today covers the entire spectrum of property and life insurance. The portfolio ranges from composite insurance products such as for motor vehicles, accidents and third-party liability to protection against occupational disability as well as fund-linked and index-oriented pensions and life insurances. But Condor has not abandoned its original business either. Even today it is an important maritime and transport insurer. Condor companies sell all their products exclusively via brokers, multiple-line insurers and underwriting agents, making Condor one of the few “true” broker insurers in Germany.
In the highly competitive brokerage market, the R+V subsidiary has always shown better development than the market overall in recent years, and has enjoyed an impressive success story. At the end of 2012, the four Condor companies between them had 435,000 customers, 900,000 contracts and total income from premiums of 406 million euros. And this is set to rise even further.
Innovative and customer-oriented. This economic success is built on cooperative and Hanseatic values, combined with constant innovation and consistent customer orientation. Reliability plays a pivotal role here, for the partnership between customer and insurer is usually planned for decades ahead. An insurance company must be sufficiently strong financially if it is to deliver on its current promise in 30, 40 or 50 years’ time. Condor is in an excellent position in this respect. As recently as February 2013, the rating agency Fitch confirmed its A+ evaluation of Condor Lebensversicherungs-AG (outlook: stable).
In addition, Condor has received top marks for “sustainable customer orientation in the insurance industry” twice in a row. The market research institute ServiceValue GmbH and AMC Finanzmarkt GmbH questioned about 5,000 customers for the study. It goes without saying that customer orientation also includes service employees who know what they are talking about. This is why Condor operates its own service centre in Hamburg in which 31 trained employees answer any questions brokers and customers may have.
Only those who react to new conditions and offer tailor-made solutions will make it in business. For many years, Condor’s innovative power has been reflected in provisioning concepts that are adapted to specific phases of life and a variety of modern products tailored to the needs of individual customer groups. The customer groups include medium-sized companies that need individual solutions in occupational pension schemes, wealthy private customers who are interested in insurance solutions and classic retirement provision savers.
Fund-linked insurance products and protection against occupational disability are impressive examples of Condor’s outstanding innovative power. For fund-linked insurance products, Condor was the first insurer ever to turn to an external consultant for the selection of funds. The consultant reviews the funds offered every year and recommends that funds are changed or replaced if necessary. Customers can then decide if they want to follow the professional advice. This concept impressed many brokers and customers from the very beginning.
Condor sets standards in occupational disability insurance, and has also been setting standards in the protection of capacity for work through the occupational disability complementary insurance (ODCI) for decades. The “Comfort OCDI” was further improved in 2013 and regularly receives top evaluations in studies – as it did in 2013 in the rating of occupational disability insurances by Morgen & Morgen, which attracted widespread attention. Condor received the top evaluation for the eleventh time in a row. Its new ODCI, for instance, has a more sophisticated scale for professional groups, thereby significantly reducing the premiums for some professions in some cases. Furthermore, the revised conditions offer many new advantages, in particular for trainees, students and the self-employed.
However, Condor does not want to rest on its laurels. This is why the product managers at Condor and R+V continue to work on further improved and new premiums. Regardless of all the innovation, one thing will never change at Condor: its Hanseatic and cooperative values.
Chairman of supervisory board
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property and life insurance,
and much more.