Member Products: The Key to Loan Portfolio Sustainability and Growth

Perhaps one of the greatest opportunities that credit unions have to sustain and grow non-interest income today exists with offering ancillary loan protection programs to members. Products like GAP, Vehicle Service Contracts, and Credit Life & Disability insurance help credit unions increase non-interest income, protect members when life interferes with their ability to repay loan obligations and proactively safeguards loans from delinquencies and charge-offs. Most credit union loan portfolios favor auto lending which presents a daily challenge in terms of creating profitable loans in our highly competitive loan rate marketplace.

Because lending insurance programs have a strong correlation to the health of credit union lending, insurance agencies like Insurance Trust/CUAlliance play an important role in the success of a credit union. Most credit unions are not, nor should they be, expected to be insurance experts.  That’s why service, training and technical support are important resources to expect of your insurance agency to assist in maintaining effective member programs.  Our goal is to highlight the resources that are presently available through Insurance Trust to aid credit unions with convenience, expertise and support to protect member loans and support portfolio sustainability and growth.

 

Training Support

We are dedicated to providing comprehensive training resources to credit unions through our ongoing Insurance Trust University initiative. Our yearly curriculum includes many different training delivery channels to accommodate the unique needs of all credit unions, including:

  • Traditional Classroom: Product knowledge-specific face-to-face interactive training presentations, customized to accommodate small or large groups.
  • Live Web-Based Training: Monthly webinars hosted by Insurance Trust and our vendor partners, to provide refresher training and new program demonstrations.
  • Recorded Training Library: Access to our library of pre-recorded webinars that are viewable anytime.
  • Semi-Annual Lending School Events: Insurance Trust hosts nationally recognized credit union industry speakers for both Spring and Fall live lending workshops. These events provide best practices to help improve the lending process, sales results and the critical essentials for lending success.

 

Due Diligence

Our agency was created specifically to provide competitive alternatives to member insurance programs that serve the best interest of Maine credit unions.  Insurance Trust is continually performing vendor due diligence to deliver industry-leading member services that yield the greatest overall benefits for credit unions and their members.   In this way, when unexpected things happen with a particular insurance program or carrier, Insurance Trust has competitive options at the ready.

 

Sharing Back

In the spirit of our origins as a trust created by credit unions, we are devoted to continually sharing back in several ways with our partners.  Here are some of the ways we share back:

  • Free Consumer Lending Forms: We pay for 100% of the cost of consumer lending forms for our Credit Life & Disability / Debt Protection program clients.
  • Discounted Tuition: We offer relationship pricing for Insurance Trust University lending school events presented by national credit union industry speakers.
  • Sponsorship and Fundraising Support: We provide sponsorship support for many credit union events and fundraising efforts for our partner credit unions.

If you are interested in taking advantage of any of these CU benefits, please feel free to contact us.

 

The same reason why Insurance Trust was founded in 1963 is the very reason why we turn our lights on every single day: to provide competitive insurance coverage options for Maine credit unions and their members. 

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