DALLAS — Credit unions are generally limited in how they approach members to meet their insurance needs but depending on the type of channel deployment, CUSO partnerships can go a long way to make the connection.
According to ProfitStars, a division of Jack Henry & Associates that provides risk mitigation and other products and services to financial institutions, 54% of credit union employees report that they 'understand' insurance and 78% of believe rate insurance referral is 'easy.' Conversion rates increase with certain channel deployment especially at the Web site, call center and branch levels, ProfitStars found.
To that end, a comprehensive partnership with a CUSO for instance, can help eliminate the "customer nesting" challenge, which restricts credit union employees from quote insurance and has traditionally not viewed agents as a part of the credit union culture, ProfitStars noted.
–msamaad@cutimes.com
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