STAMFORD, Conn.—Adding insurance offerings to a credit union’s portfolio can do more than bring in a new revenue stream–it can strengthen member relations, asserts Affinion Insurance Solutions.
“In 2018, it is more important than ever for credit unions to find new and unique ways to strengthen their member engagement,” said Andrea Heger, group vice president of sales and client services with Affinion Insurance Solutions. “Credit unions should consider investing in insurance products from top-rated insurance carriers. This can be achieved with little to no cost to credit unions.”
Heger said it is important to choose a reputable partner, one that will help them strengthen member engagement, increase brand loyalty, and generate predictable and sustainable non-interest income.
“They should look for a partner that has a proven track record of award-winning marketing creatives that have industry-leading response rates, which drives engagement with members,” she said.
Turnkey Operations
Heger noted Affinion offers insurance products in the following areas: AD&D, recuperative care, hospital accident protection, simplified-issue term life, and graded benefit whole life insurance.
“Financial institutions that use Affinion Insurance Solutions incur no marketing expense, receive complete turnkey operations, and experience absolute ease of implementation with toll-free member service,” Heger said. “In addition, Affinion Insurance Solutions has implemented a Gramm–Leach–Bliley Act (GLBA) compliant privacy solution to protect non-public member information.”
Heger said the products are backed by Affinion-produced direct mail and digital campaigns, as well as an ADA-compliant website.
“Additionally, credit unions should invest in data analytics so that they can better understand their complex member data,” Heger said. “The tool should be comprehensive and cover everything from demographics to overall credit worthiness to housing preferences to member behavior.”