Nov. 5, 2012
Collateral Protection Insurance Connector Will Streamline Collections for Credit Unions
MIAMI – CUNA Mutual Group and its Collateral Protection Insurance (CPI) alliance partner, State National Companies, have announced they are joining forces with Akcelerant, a provider of connected software technology to the financial services industry, to improve collections activities for credit unions.
This three-way partnership will provide credit unions insured by the CPI alliance of CUNA Mutual Group and State National with a connector for the Akcelerant Framework, providing credit unions with a single platform to execute daily collection activities such as accessing CPI details, filing claims, tracking claims, and other functions. The connector is in development and will be available for credit union implementation in early 2013. The partnership was announced at the 2012 CUNA Lending Council Conference.
The Akcelerant Framework connects customers to key services with innovative service providers creating the optimal work environment for financial institutions looking to get the most out of their collections operations.
Credit unions that choose the alliance of CUNA Mutual Group and State National Companies for their collateral protection needs and use Akcelerant for their collections activities will reduce the time their staff spends managing collections and CPI-related activities, freeing them to focus on revenue-generating tasks, said Bob Trunzo, president, CUNA Mutual Group Insurance & Financial Services.
“This partnership is a perfect example of CUNA Mutual Group’s commitment to deliver best of breed solutions to credit unions. We found the best in State National for CPI, and it shows in how fast our alliance is growing. Connecting with Akcelerant raises the bar even higher in the value our customers will realize from our CPI alliance,” Trunzo said.
CUNA Mutual Group and State National Companies formed an alliance in 2009 to provide tracked CPI to credit unions. That alliance protects more than 340 credit unions’ collateral and has grown 55 percent in three years due to strong market demand. State National Companies tracks loans for 600-plus lenders.
Members will have a more consistent experience when working with credit unions’ lending and collections staff, according to Trace Ledbetter, senior vice president, State National Companies. “And Akcelerant collections users will be able to tap into the power of State National Companies’ CPI program inside the Akcelerant Framework, making the use of CPI data seamless inside their normal collections workflow,” Ledbetter said.
The partnership is about giving customers what they want, said Eric Snyder, Akcelerant executive vice president of business development. “Over the years, there has been consistent demand from our customer base for diverse choices and a robust library of connected services. We recognize the success of CUNA Mutual Group and State National’s CPI alliance and are excited about delivering this new functionality to credit unions.”
About CUNA Mutual Group
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s website at www.cunamutual.com
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wisconsin.
About State National Companies
State National Companies (SNC) is a privately held company providing insurance products and services to clients nationwide. SNC’s Lender Services division provides Collateral Protection Insurance (CPI) and other services to credit unions and other financial institutions. State National Insurance Company is licensed in 50 states and D.C., and is rated “A” (Excellent) by A.M. Best. For more information, please visit http://www.statenational.com
About Akcelerant Software LLC
Akcelerant, located in Malvern, Pennsylvania, provides connected software applications to the financial services industry through multiple product lines and integration to best-of-breed service providers. Established in 2000, Akcelerant technology is currently utilized by over 500 financial institutions in all 50 states and Canada. For more information about Akcelerant, visit www.akcelerant.com
© 2012 CUNA Mutual Group, All Rights Reserved