A study of the credit union industry's use of loan protection products, such as credit insurance, mechanical breakdown insurance and guaranteed auto protection, is in the planning stages.
Callahan & Associates and Snyder Consulting Solutions are putting together a benchmark study on loan protection products scheduled for release in 2010. Gateway Services Group and Securian Insurance are set to co-sponsor the report, which aims to include data from 500 credit unions, according to Pete Snyder, president of Snyder Consulting Solutions, a Roseville, Calif. firm that helps credit unions integrate investment and insurance service programs.
"[LPPs] don't get the awareness like investments. As a result, the penetration rate is still relatively low," Snyder said, adding that could change given their net income margin potential and members having more ties to some sort of loan.
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