Suffolk FCU Commits to Turnkey Insurance Agency from Jack Henry Subsidiary
MEDFORD, N.Y. - Suffolk Federal Credit Union has committed to using Banc Insurance Services to provide a turnkey insurance agency solution, giving some new business to the newly acquired subsidiary of Jack Henry & Associates. Without having to commit the assets to buying or building out an agency, $690 million Suffolk FCU will receive complete back-office services, including billing and claims processing, as well as sales strategies and the services of sales professionals to offer personal and commercial lines. "We had strategically planned to serve our members with a full-service insurance offering but we wanted to own the agency and the entire book of business. BIS' unique outsourcing solution enables us to accomplish both of these objectives without the traditional costs and without the operational risks," says Bill Davis, chairman of Credit Union Services LLC, a CUSO of Suffolk FCU. Tony Wormington, president of Jack Henry & Associates, says, "The addition of Suffolk Federal Credit Union to our client roster is a perfect example of how our recently acquired companies enable Jack Henry to expand our market presence by offering products and services to financial institutions outside our base of core information processing clients."