CUNA Mutual CEO Jeff Post knows that his company's addition of crop insurance isn't going to set the credit union industry on fire, but it is indicative of the types of deals he'd like to see more of to ensure credit union growth.

Post hopes that as part of this deal ProAg can sell the credit union "experience" as he calls it and turn farmers into CU members and drive more business to CUs. "Multiple-peril crop insurance is a good one to start with. Farmers like the cooperative space and they are big borrowers," he said.

The insurance is a federal product, so no matter who is selling it, it looks the same. For farmers to get any federal farm subsidies, they must have the insurance. "It's literally a 'take all comers' product," said Post, meaning a farmer can insure any crop anywhere. The insurer can take 100% of the risk, put them into a development fund and take 20% of risk with the remaining 80% going back to the federal government, or put 100% of the risk with the federal government.

It is a product Post offered at his former firm, Fireman's Fund, so he knows the nuances. "Grapes in California have very little underwriting risk. Doesn't matter if it rains, the fields are irrigated. Grapes you would put 100% into your risk. But try growing cotton in West Texas, where it's a good crop two years out of 10," he said.

"It's just one of six or seven ideas to try to change the growth of our 6% marketshare," said Post. He has also talked about bigger things such as partnering with the AARP or with multiple firms to push credit union 401k programs.

"If you sit around and wait for the grand slam, and you have no runners on base, you're in trouble," he said.

Post said as he travels the country, he continues to hear from CEOs that membership growth is one of their top concerns. He believes CUNA Mutual can be a conduit to partnership deals such as this one to help credit unions drive membership.

"We have to start aligning ourselves with large groups and really push cross-selling the credit union value proposition. We think there is a chance we can re-energize growth in this market," said Post.

He said CUs need to be creative to get into the heads of younger Americans wherever they can. He cited another past product from his old company, Fireman's Fund, where it insured college students' laptops. "We did $70 million in laptop insurance. One agent produced that full $70 million," said Post. With almost every university having a CU nearby, this is a potential way to get younger people to notice credit unions.