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April 18, 2013
TruStageTM Leaders See Successes for Property and Casualty Insurance
LAS VEGAS – “Property and Casualty Insurance isn’t just a pricing game – it’s all about the value to members,” said Stephen Arnold, vice-president of CUNA Mutual Group’s TruStageTM Auto and Home Insurance programs.
During a panel discussion and Q&A session at the 2013 National Association of Credit Union Service Organizations (NACUSO) Annual Conference, Arnold was joined by two other P&C panelists: Jeff Chesky, CEO of Insuritas and Kenneth Potter, director of sales for Apollo Insurance Services, Inc. The discussion focused on the topic of improving membership trust and loyalty at credit unions though insurance offerings insurance companies.
“Credit unions have realized that insurance is both an important and competitive service to make available to members,” said Arnold. “And it’s clear that it’s complementary to credit unions’ core business.” Arnold continued, “For instance, when a member buys a new car, after getting a loan from a credit union, they need insurance to drive off the lot. We now have programs in place at the credit union allowing the member to learn about our insurance after they have completed the loan, whether the member is getting their loan online through Loanliner.com or from a loan officer using the Lender Development Auto Referral Program. Auto insurance is often a required insurance by law and members look to credit unions to make insurance available to help protect their financial well-being.” Expanding on that idea, Arnold pointed out that it’s a good idea for credit unions to embrace the fact that Auto and Home insurance is an important service to make available to members since it provides another point of direct contact and builds an even more positive member experience.
During the panel discussion, Arnold shared that the insurance relationship with members doesn’t stop at the time of sale. “This kind of relationship cannot solely be about saving money on your insurance – it’s about what happens at the moment of truth when a member has a claim or needs service.”
The NACUSO panel also broached the topic of building relationships with insurance institutions. “We’ve been able to create solid relationships with both Liberty Mutual and Esurance over the years. In fact, in just 14 years, the Liberty Mutual relationship has resulted in more than 800,000 active polices,” said Arnold. “Numbers like this reflect back on the value these relationships have for members.”
According to Arnold, when it comes to understanding members’ behavior, TruStage is heavily invested in studying what is happening in the lives of credit union members. “According to our research, the majority of credit union members begin their insurance shopping online; but when it comes time to make a purchasing decision, about half of these purchases happen in the call center and half are still face-to-face,” said Arnold. “We are living in a mobile and highly-connected world and that’s why we believe it’s important for credit unions to have a multi-media and multi-channel presence to cater to members’ life styles.”
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. TruStageTM Auto Insurance Program make available through TruStage Insurance Agency, LLC and issued by leading insurance companies. The insurance offered is not a deposit, and is not federal insured, sold or guaranteed by your credit union.
© 2013 CUNA Mutual Group, All Rights Reserved