CUNA Mutual Group Named 2017 Celent Model Insurer

Celent Recognizes TruStage’s Simplified-Issue Term Life Insurance Product for Its Innovation and Customer Experience

MADISON, Wis. – CUNA Mutual Group has won a 2017 Celent Model Insurer Award in the digital and omnichannel technology category for its TruStage® simplified-issue term life insurance product. The recognition by Celent, a global research and advisory firm in the financial services and insurance industries, highlights the company’s innovative, consumer brand TruStage.

Celent’s annual awards program selects ‘Model Insurers’ and recognizes them for their ability to improve performance, deliver innovative solutions, and meet market demands when tackling issues that face all insurers today. This is the first time TruStage has received the award.

“We are truly honored to be named a Celent Model Insurer for our simplified-issue term life insurance product,” said Susan Sachatello, senior vice president, TruStage. “We continually invest in new and innovative ideas to address consumers’ evolving needs and help them protect their financial future. That protection starts with easily accessible life insurance coverage that fits within a budget.”

Designed using direct consumer feedback, retail best practices and particularly appealing to the needs of younger consumers, TruStage’s simplified-issue term life insurance product offers consumers an entirely online purchase experience. After designating a beneficiary at the start and answering just two health questions, a completely automated underwriting platform delivers a decision in minutes with coverage face amounts ranging from $5,000 to $100,000 to provide protection for home mortgages, children’s education, income replacement and final expenses.

With this capability, consumers can purchase and service the entire suite of TruStage products, including: accidental death and dismemberment, whole life, term life, auto, home and health insurance, entirely online.

“TruStage is changing how life insurance is purchased by starting with the overall customer experience,” said Sachatello. “Life insurance is an emotional purchase, and we understand it must be simple and easy for the consumer to secure a coverage amount they know they can afford and feel comfortable with.”

The product provides coverage options based on the buyer’s budget rather than forcing them to select a specific coverage amount, and is sold through an online channel that’s been traditionally unavailable for life insurance purchases. It is an example of CUNA Mutual Group’s emphasis on investing in technology, mobile and new digital channels to support credit unions and consumers for the future.

Donald Light, director, Celent, added, “The Model Insurer Awards recognize how insurers are using technology to change the face of the industry. Model Insurer Award winners combine best practice implementations with meaningful impacts on business results. The entry from TruStage clearly demonstrated both aspects.”

Since launching in June 2016, approximately $337 million has been issued to policyholders online protecting 6,400 consumers.

For the Model Insurer Award consideration, Celent judges reviewed three core criteria: initiatives must be currently operational and delivering clear business benefits; the degree of innovation relative to the industry; and the quality of the technology or implementation excellence. Celent named Model Insurers in five categories: innovation and emerging technologies, digital and omnichannel technologies, data mastery and analytics, legacy and ecosystem transformation, and operational excellence in IT management.

The full list of the 2017 Celent Model Insurer Award winners is available here.

Subscribers to Celent Insurance Research Reports can learn more by reviewing the 2017 winners’ case studies, including TruStage’s simplified-issue term life insurance product, in Celent’s recently published report, available here. 

About TruStage:

Protecting more than 18 million members, TruStage insurance products and programs include auto, home, life, accidental death and dismemberment and health insurance. They’re available to credit union members across the U.S. helping build financial security for their families. Credit union members seeking more information can contact TruStage at 888.888.0375 or learn more at www.trustage.com.

TruStage Insurance products and programs are made available through TruStage Insurance Agency, LLC and issued by CMFG Life Insurance Company, a member company of CUNA Mutual Group and other leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by credit unions.

About CUNA Mutual Group:

CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance and investment partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking Americans build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found 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 and MEMBERS Life Insurance Company. Corporate headquarters are located in Madison, Wis.

About Celent:

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is wholly owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].


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