ICMIF member R+V Versicherung (Germany) has announced the transfer of around EUR 10 million to its Membership Plus customers as a premium refund.
Membership is rewarded according to the cooperative insurer. Around 273,000 R+V customers enjoyed a premium refund in March. Anyone who is a member of the cooperative can become part of the R+V Membership Plus community. The advantage of this comes if the community has a generally favourable claims history, R+V Versicherung will then reimburse up to 10 percent of the insurance premiums paid to the Membership Plus customers in the following year.
“We are implementing the cooperative idea of ‘one for all, all for one’ together with the cooperative banks,” explains Jens Hasselbächer (pictured), R + V Versicherung’s Sales Director and Board Member. “If the claims experience was favourable within the respective insured community, the individual benefits from the cashback. This concept shows the power and modernity of the cooperative concept.”
The concept has also convinced customers: R+V says it doubled the number of Membership Plus contracts within one year from 382,000 to almost 760,000. Eighty five percent of customers received a refund, an average of around 30 euros per contract. Over 10,000 customers received more than 200 euros. Overall, the cashback has more than doubled, from EUR 4.6 million to just under EUR 10 million.
Money back is available for the five components of the member’s private policy: household effects, residential buildings, liability, legal protection and accident, as well as for the independent member risk-accident policy and the member car policy. The R+V company health insurance fund is also included: members of cooperative banks and the R+V BKK who have not been admitted to the hospital for a year receive cashback of up to EUR 60.
In mid-March, on cashback day, up to 10% of the premiums paid in the respective line of business are returned if the claims experience is good – even if the customer himself reported a claim. Because what counts for R+V Versicherung is the result of the community.