CUNA Mutual Group expands relationship with InsurTech Investment, ForeverCar
Company enhances its post-loan mechanical repair coverage with new full-service marketing program for credit unions
MADISON, WI (December 13, 2017) — CUNA Mutual Group announced today it will expand its MEMBER’S CHOICE® Mechanical Repair Coverage (MRC) by adding a new marketing program, powered by ForeverCar. Combining traditional and digital marketing, ForeverCar’s platform will help credit unions reach all their members with an eligible vehicle, even if that vehicle has no loan or is financed elsewhere.
“This product expansion is another example of how we continue to deliver new and innovative ways that allow consumers to purchase products that help them strengthen their financial security,” said John Wallace, senior vice president, CUNA Mutual Group. “Through credit unions and ForeverCar’s innovative platform, consumers will now have another way to access this critical protection product.”
The expanded marketing program will help credit unions connect beyond the traditional loan officer transaction through targeted email marketing, social media digital ads and direct mail. The program also provides the ability to co-brand the consumer-facing platform that helps members research, compare and purchase extended service protection plans.
“CUNA Mutual Group’s commitment to serving credit union members through digital innovation is another example of their industry leadership,” said Mark Hodes, founder & CEO of ForeverCar. “Being chosen as their partner to accelerate this innovation is an honor. The ForeverCar platform, now available to all CUNA Mutual Group credit union customers and their members, is removing the hassle and expense of car repairs for all consumers.”
Earlier this year, ForeverCar and CUNA Mutual Group partnered with Neighbors Federal Credit Union, headquartered in Baton Rouge, La., to pilot the new marketing program to help the credit union identify members who were in need of extended coverage for auto repair costs. The credit union reported the new program increased its MRC sales by 128 percent compared to 2016 sales.
“The new MRC post-loan program expanded our reach to more members, helping them limit the cost of repairs,” said Marc Walls, vice president for consumer lending, Neighbors Federal Credit Union. “It took minimal staff time to get this channel up and running quickly, and our initial campaign results have been better than expected.”
ForeverCar was one the first InsurTech investments for CMFG Ventures, the venture capital entity of CUNA Mutual Group. CMFG Ventures actively engages and evaluates startup investments in data and analytics, consumer lending and asset protection technology, and advanced mobile channels that best support credit unions in serving their members with new and innovative technology products and services.
About CUNA Mutual Group
CUNA Mutual Group helps people plan, protect and invest for their future – regardless of their financial standing. The company was founded more than 80 years ago by credit union leaders who were looking for an insurance partner they could trust. Today, CUNA Mutual Group helps credit unions and hardworking people build financial security through commercial and personal insurance products; lending and payment security solutions; and risk management, retirement, investment and marketing services. Additional information about the company can be found at www.cunamutual.com.
ForeverCar is the first digital platform for extended car repair coverage – transforming the way car owners buy and benefit from vehicle service plans. ForeverCar makes it simple for customers to shop, quote, purchase and use vehicle service plans, while offering full transparency along the way. For businesses, ForeverCar’s platform makes it simple to sell high-quality extended vehicle service plans to their customers. ForeverCar also offers the most comprehensive coverage in the U.S., with many plan options providing the equivalent of a manufacturer’s bumper-to-bumper warranty. For more information about ForeverCar, its partnership with CUNA Mutual Group and its digital solutions for credit unions, visit www.forevercar.com/creditunions.
About CMFG Ventures
CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that focuses on strategic, early-stage investments in the credit union, financial services, and insurance industries. Additional information about the company can be found at www.cmfgventures.com.