5 New Solutions to Consider for Fall Planning

Posted by on Sep 28, 2015 in News |

The fall season is upon us, and many credit unions have begun the process of creating a strategic plan for 2016.  Insurance Trust strives to continually understand the challenges that Maine credit unions face to provide competitive, customized solutions that align with the goals of your organization. We know that credit unions would like the flexibility to say yes to all of their members, but sometimes the risk is too great.  Here are 5 member-centric solutions to consider for fall planning this coming year that are focused on making it easier to say yes to your members while: enhancing member benefits, protecting the best interest of the credit union from higher risk loans, recapturing lost business from your members who have financed elsewhere and streamlining the convenience of your credit union lending services.   1. Guaranteed Asset Protection (GAP) Enhancements Two valuable enhancements are now available to help strengthen the current GAP benefits to your members while continuing to provide protection for credit union auto loans.  The first is an Auto Deductible Reimbursement program designed to pay up to $500 per loss (limit two losses per year) when a loss is filed and paid by the auto insurance company for ANY covered auto the member owns.  The second enhancement is a membership loyalty benefit designed to go beyond GAP and provide an additional credit towards the members next loan financed with your credit union.  Both of these enhancements are hyper-focused on increasing the value of the GAP benefit to your members.   2. Lenders Protection Lenders Protection is a risk management program with third party default insurance coverage allowing credit unions to approve near/non-prime automobile loans. Lenders Protection allows you to say yes to members with credit scores below industry standard and will provide coverage to pay off the difference between what the credit union recovers and what they still owe on the loan. Learn More   3. Equity Protection Equity Protection allows the credit union to say yes to Home Equity loans that are above the 80% mark (100-133% LTV) while protecting the credit union in the event that the loan goes into default by allowing the filing of a claim immediately without having to go through the foreclosure process. In addition to the default protection, many lenders use the program to eliminate or reduce loan loss reserve requirements. Learn More   4. Auto Loan Recapture We know that keeping your pre-approved member auto loans from being flipped at the dealer can be a roller coaster ride. In fact, 80% of car buyers arrange their financing through a dealership at the time of purchase.  Insurance Trust offers an integrated marketing and fulfillment system that uses unique technology to help your credit...

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ACA Update – Preventive Health Screenings

Posted by on Sep 23, 2015 in Benefits Update |

  As we move into the fourth quarter with renewals and cold season, there tends to be an uptick in questions regarding recommended preventative health screenings.  The below website from the independent U.S. Preventive Services Task Force allows people to search for recommended screenings based on age, gender, and tobacco use.  Screenings with A and B grades are recommended and are often covered as preventive care.  Screenings with C and I (insufficient information) are neither recommended nor discouraged.  Screenings with a D grade are discouraged on the grounds that they may cause harm. Search for Recommendations Preventive Services Apps As always, please let me know if you have any questions regarding the Affordable Care Act. Elizabeth Ingram Account Manager, Employee Benefits Insurance Trust Phone: 800-287-3379 x 312 info@insurancetrust.us...

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Trust Tip – What we can learn from superheroes

Posted by on Sep 8, 2015 in Trust Tips |

Superheroes have been around in pop-culture for years. Although they are fictional cartoon characters, there are many lessons we can learn from them. Without transforming into Batman, Superman, Wonder Woman, or Spiderman, you can certainly learn how to capitalize on strengths and apply these strengths in many situations ranging from communication to customer service, to set backs and moving forward toward reaching goals. Superheroes were first created as motivational characters dedicated to protecting the public from crooks, robbers, and villains. They stood by strong moral codes, risking their lives for the innocent. Almost all superheroes have a weakness, or have faced challenges and adversity. What makes them superheroes is their ability to overcome adversity and succeed when it seems impossible. Let’s take a closer look at our four previously mentioned superheroes and see what lessons we can learn.   Superman Born on the planet Krypton, was sent to Earth with superpowers. He understands diversity- what it’s like to be different. He fits in by using his bravery and by being kindhearted. He listens intently to get clarity on issues. This gives him the ability to resolve problems. He is aware of his weakness (kryptonite!), and always has a plan for when he might be faced with this challenge. Lessons learned: Know your weakness, create a plan in advance for when you are faced with it. Remain kindhearted, while focusing on listening and understanding others.   Batman On the other hand, Batman was not born with any “super powers”. As a child, he witnessed the murder of his parents. As a result he dedicated his life to fighting crime. He’s the classic self-starter. Batman makes use of technology, and detective skills get to the root cause of problems. He also has an amazing network and knows how and when to reach out for help. Lessons learned: Commit to developing yourself. Dig deep to find answers; things aren’t always what they seem. Develop a network of people who are supportive and can help you find answers you need.   Wonder Woman Wonder Woman was sent to Earth to fight for justice. She is known for her strength in compassion, without discrimination, and letting the truth guide her. She is never afraid when facing a difficult situation. She handles (rather than avoids!) situations with courage, using communication skills to understand people. She is intent on resolving problems while focusing on the best possible outcome. Lessons learned: Keep in mind a consideration for others. Try to see others’ perspective, work toward resolutions together.   Spiderman Spiderman is younger than his counterparts, and understands that things don’t always go as planned. He is aware he can always learn from a situation. He’s very flexible...

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An Efficient, Flexible Settlement Solution for Mortgage Lenders

Posted by on Sep 2, 2015 in News |

Insurance Trust is pleased to announce our partnership with Alliance, LLC, a collaborative enterprise dedicated to helping credit unions benefit from a collective “buying power”, driving down the cost of mortgage settlement services and creating a more efficient vendor management workflow. The Alliance software platform is designed to deliver an end-to-end solution for mortgage lenders, from loan application process to closing. The platform provides a robust, yet user-friendly vendor management system helping to eliminate duplicate data entry. The platform’s online “dashboard” puts you squarely in the driver’s seat, bringing together dozens of nationally recognized vendors and service providers into an easy-to-use, single-point-of-access solution. From major “name-brand” flood, AVM, PCR and appraisal providers, to national title and closing companies, to specialists in recordings and document preparation – you can customize your selection of service providers at the click of a button. “Insurance Trust and CUAlliance are excited to strengthen our strategic partnership with Mike Steuer and his team to offer this tremendous resource to our credit union clients throughout Maine and New England. The Alliance platform will provide our credit union partners with a streamlined mortgage processing solution, making it easier and more cost-effective to serve their members’ mortgage needs”. David Baird – President/CEO Insurance Trust The platform is designed to work well for credit unions of any size and offers the potential to generate revenue in the form of profit participation. Listen to a recent Podcast with Mike Steuer about the Alliance Platform Hear Podcast FAQ For more information, contact Insurance Trust Senior Account Executive, Tim Dalton, at tdalton@insurancetrust.us or complete the contact form below. Contact Form Name* First Last Email* PhoneWhat would you like to learn more...

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