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.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
