Several hundred tracked collateral protection insurance credit union accounts were recently transitioned from CUNA Mutual Group to State National Companies, CUNA Mutual said today.
In July 2009, CUNA Mutual and State National formed an alliance to expand automobile CPI to credit unions nationwide. CPI protects the collateral on credit unions' loan portfolios against uninsured physical damage exposures. Tracked programs generate notices to members who aren't in compliance with their loan agreement to maintain a minimum level of physical damage insurance. When proof of insurance is not provided, a policy is placed on the collateral to protect the credit union should the collateral become damaged and have to be repossessed.
In the alliance, State National assumed underwriting, claims processing, customer service and insurance tracking responsibilities for all of CUNA Mutual's tracked collateral protection insurance business, according to CUNA Mutual.
"Every credit union transition was executed on schedule thanks to the flawless coordination of the State National and CUNA Mutual teams, demonstrating the power of the alliance in the market," said Erik Vandermause, CUNA Mutual collateral protection insurance product leader.