Choosing the right insurance provider: 5 things they should bring to the table
Making auto and home insurance available to your members is a great way to help build member relationships and generate profitable non-interest income. While affordable rates and expedient applications are likely already on your provider “must-have” list, here’s one that might not be: a great claims process.
According to information obtained from the National Association of Insurance Commissioners reports tool, in 2021 the top five consumer insurance complaints all had to do with claim handling, with delays being the #1 area of complaint.
How does your provider stack up at the “moment of truth”?
We call the claims experience the “moment of truth” because it’s when the whole reason the member bought insurance in the first place comes to life. Will a member who’s suffered a loss be A). delighted by an efficient, responsive process—and more tied to your credit union than ever before? Or B), so frustrated they say goodbye to more than their insurance relationship?
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