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In these days of shrinking margins, many credit unions are looking for additional ways to boost revenues and deepen member relationships. One way Greylock Federal Credit Union is achieving this is through its CUSO and specifically its wholly owned insurance agency. Most banks and credit unions of any size have at least considered getting into the agency business. Most still have not pursued the idea of starting an agency. Many that have are very successful, while others have not been successful even to the point of selling off their agencies

If your credit union is considering adding an insurance agency to its CUSO, there are three absolute prerequisites to being successful. First, be realistic in your expectations and projections. Second, carefully choose insurance partners that you can work long term with, and finally, allow the insurance experts to lead and manage the insurance agency.

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