Sometimes, it’s about what you can offer your members. Just as often, it’s about how you can reduce the manual workload on your staff. But all the time, it’s about insurance.
Strategically, partnerships with Insurtech companies help credit unions stay competitive:
- Added value and product offerings to members
- Streamlined processes
- Lower operational costs
But which Insurtech provider is right for your credit union—and your members?
Read on to see four of our favorites.
Insurtech Partnerships Benefit Members and Employees
Insurtech partnerships can be an incredible boon to members. Essentially, they can offer:
- New insurance opportunities
- Better prices and options
- Centralized finances (no more hopping from app to app)
Providing insurance options can simplify member finances. Turning the credit union into more of a one-stop-shop makes it easy for members to handle shopping, payments, pricing, and more all from one spot.
Consequently, the advantages for the credit union are clear. There are more opportunities for:
- Cross-selling
- Driving member engagement and loyalty
- Reducing workload on staff
But few things are more important than simply being there when your members need you. Being the hub of member insurance puts credit unions in that position more than anything else can.
That in mind, here are a handful of our favorite insurance fintechs that partner with credit unions:
1. Woop Insurance
Focus: Automates property and casualty insurance workflows, provides members a centralized dashboard for insurance.
Key features: Insurance verification, personalized insurance dashboards, comparison shopping for members (like a digital storefront where members can shop for and purchase various types of property and casualty insurance, including auto, home, renters, etc.).
A note on the personalized insurance dashboard for members: it provides tools like a “price score” to compare insurance rates, a “rate monitor” to track changes in insurance prices, and detailed “insurance reports” that offer insights into what affects insurance rates.
Benefit to credit unions: Generates non-interest income through insurance sales, deepens member relationships by offering convenient access to insurance products directly through the credit union’s platform, simplifies compliance, reduces staff workload, enhances member satisfaction with better insurance visibility and options.
2. Insuritas
Focus: Provides a turnkey insurance agency solution.
Key features: Offers a digital storefront where members can shop for and purchase various types of insurance (auto, home, life, etc.).
Benefit to credit unions: Generates non-interest income through insurance sales, deepens member relationships by offering convenient access to insurance products directly through the credit union’s platform.
3. TruStage (CUNA Mutual Group)
Focus: Insurance and financial services provider specializing in credit unions.
Key features: Offers a wide range of insurance products, including life, health, auto, and home insurance, along with retirement and investment products.
Benefit to credit unions: Provides members with insurance products, enhances financial security offerings, and supports member retention with comprehensive financial solutions.
4. Allied Solutions
Focus: Risk management and insurance services provider.
Key features: Offers collateral protection insurance, GAP insurance, debt protection, and other risk management services.
Benefit to credit unions: Helps manage risk exposure, protects credit union assets, and provides members with essential insurance products that mitigate loan-related risks.
The Bottom Line, Plus Our Favorite
Each of these companies offers unique solutions tailored to enhance credit union services, focusing on automation, income generation, comprehensive product offerings, and risk management.
Depending on what your credit union (and members) need, any of the above might be good options.
However, one of the things that we liked is that Woop Insurance is a revenue center, not a cost center. They make money when the CU makes money, and they’re incentivized to help the CU succeed.
(In CU 2.0 terms, Woop wants to share lunch with you, rather than sell you lunch, or worse, eat your lunch!)
Woop doesn’t sell insurance to credit unions—they improve member engagement through insurance verification and their dashboard. They keep members connected to the credit union and their financial futures with a consultative, long-term approach to insurance
Want to see more?
Note: if you don’t see a form above, please email us at info@cu-2.com for more information.
