A program designed to grow payment protection revenue for creditunions is celebrating its 10-year anniversary, said CUNA MutualGroup, the program's creator.

Launched in 2003, the 61 charter credit unions of the Lender Development Program have experienced an average paymentprotection participation lift of 20 percentage points, according toCUNA Mutual in Madison, Wis.

In addition, through the charter credit unions, more than $250million in claims payments have been paid to members and programparticipants have earned an average of seven times more revenuefrom CUNA Mutual's payment protection products in 2012 comparedwith credit unions not on the program, the company said.

Today, more than 900 credit unions use LDP techniques andresources to grow their financial results and enhance their memberexperience, CUNA Mutual said. As a group, they have earned five anda half times more revenue from the company's payment protectionproducts than credit unions not on the program and experienced a19.4% increase on their entire credit insurance book of businesswithin the first three years of the program.

Additionally, the credit unions have earned 40 more basis pointsin fee and other income than credit unions not on the program,according to CUNA Mutual.

The $594 million Potlatch No. 1 Federal Credit Union in Lewiston, Idaho, was thefirst credit union to serve as a participant in the LDP program in2003.

“Before LDP, we'd just throw out a payment protection goal andtry to figure out how to meet it,” recalled Chris Loseth, CEO ofPotlatch No. 1 FCU, in a statement. “LDP brought focus to thecredit union. It helped us build an understanding of how theprotection products benefit our members and why they are good forthe credit union.”

Over the years, P1FCU has increased its noninterest income for insurance products by 344%, whichdirectly correlates with more members having coverage, Losethsaid.

The credit union's level of noninterest income for CUNA Mutualdebt protection and other related insurance products, at the 42 to45 percentage rates, has resulted in an increase from approximately$238,000 to $1,055,000 annually, he added.

“At the end of the day, we're all working together so our creditunion members have that good, old peace of mind that everybodytalks about,” said Loseth.

The LDP was developed on the best practices of high-performing,results-driven credit unions, said Karim Habib, director oflending, CUNA Mutual.

“As changing needs arise, the program's multi-disciplineapproach continues to evolve to help enhance credit unions'financial results through deeper member relationships that uncoverand meet more member needs,” Habib said.