CUNA Mutual Purchases Systems Insurance of America
MADISON, Wis. - CUNA Mutual Group has purchased Systems Insurance of America (SIA), a Wauwatosa, Wis.-based company that offers equipment maintenance insurance (EMI) to credit unions as a lower-cost alternative to traditional maintenance service contracts. EMI is designed to replace the numerous financial and office equipment maintenance contracts that a credit union may have, including alarm systems, ATMs, drive-ups, coin sorters, computers, fax machines, network equipment, postage machines, scanners, typewriters and vault doors. "Purchasing individual manufacturer services contracts for equipment at multiple offices is a time-consuming and costly way to insure equipment," said Michael Dolan, managing director for EMI, Credit Union Protection. "One of the key advantages of EMI for credit unions is cost savings. In the first year alone, most credit unions experience a 15 to 20% cost reduction over traditional maintenance contracts, and additional rate reductions are often realized in subsequent years." According to Dolan, EMI offers credit unions several other advantages, from inventory control and the convenience of one policy, to repairs that are documented in a vendor payment summary and freedom to choose or change maintenance vendors at any time. As part of the deal, all existing sales staff for SIA have accepted positions as CUNA Mutual EMI Specialists and will be primarily responsible for EMI sales. SIA's Wauwatosa office will continue to administer EMI policies and claims. CUNA Mutual has partnered with SIA since 1998, to provide EMI to more than 400 credit unions in 21 states.