A pilot program designed to help small business owners save time and effort while getting helpful advice about essential insurance products and financial services has been created by Synergy Credit Union and The CUMIS Group Limited.

The OnePlace For Business program starts with building a profile and understanding of the small business, followed by a review of product offerings and solutions that could help the enterprise and its owner achieve their goals, according to the $1 billion Synergy CU in Burlington, Ontario in Canada.

Working in conjunction with credit unions and their wealth management teams, CUMIS will offer a full suite of insurance products to protect the business, including creditor insurance and key person insurance, which provides the financial means to allow the business to carry on in the event of an owner's or important employee's death.

CUMIS is a partner to credit unions and their members for personal, financial and business protection, according to the company. Its principal companies are CUMIS Life Insurance Co., and CUMIS General Insurance Co., and it has a 50% interest in Credential Financial Inc. CUMIS is jointly owned by Co-operators Life Insurance Co. and the $88.7 billion Central 1 Credit Union in Victoria British Columbia, Canada.

In 2009, the Co-operators, along with Central 1 CU, bought CUMIS. The insurance firm was once majority-owned by CUNA Mutual Group.

Building upon the initial pilot at Synergy CU, CUMIS will launch the OnePlace For Business program at additional credit unions in the months ahead, according to both entities. The program will help credit unions further cement their reputation as the best banking option and adviser for small- and medium-sized businesses in Canada, both noted.

Synergy CU and CUMIS said a research report issued by the Canadian Federation of Independent Business in May 2013 showed that credit unions significantly outperformed the big banks when it comes to serving the financial needs of small- and medium-sized businesses.

“We want to provide our members with an exceptional experience and to ensure our members are well-informed of the advisory services and solutions offered through our Wealth Management team in conjunction with our Business Banking Centre and Small Business Relationship Managers,” said Brent Bergen, chief operating officer of Synergy CU.

Instant Insights /

Synergy CU Pilots Small Business One-Stop Shopping

Related Stories

Recommended For You