Press
CUNA Mutual Group, State National Companies protecting more members
MADISON, WI (February 6, 2014) — CUNA Mutual Group and State National Companies are collaborating to inform credit union members of coverage available through the TruStage® Auto Insurance Program. This new capability helps protect more members by making information about car insurance accessible at a time when members are most likely to be looking for it.
When members take out an auto loan at their credit union, they are required to maintain collision damage insurance coverage on their vehicle. CUNA Mutual Group and State National formed a tracked collateral protection insurance (CPI) alliance in 2009 to protect credit unions in the event borrowers default on a loan and uninsured collateral is damaged.
If it is unclear whether a vehicle is insured, State National will send the member a notice requesting proof of insurance. Beginning this quarter, those notices will contain information about the TruStage Auto Insurance Program, which is underwritten by Liberty Mutual, provided the credit union is a CPI alliance customer and also makes the TruStage Auto Insurance Program available.
“The cross-marketing initiative will help members learn about money-saving opportunities at a key moment in the credit union lending event,” said Stephen Arnold, vice president, CUNA Mutual Group, TruStage Auto & Home.
Response rates for the TruStage Auto Insurance Program offer on CPI notices were 2.5 times better in initial testing, than usual direct response rates. “Providing members with information about the right product at the right time helps credit unions deliver the most value with their CPI and TruStage Auto Insurance programs. We’re excited to be working with State National to make car insurance more accessible for members–and to drive proven, predictable and immediate results for credit unions,” Arnold said.
“Integration between State National and CUNA Mutual Group makes it easier for credit unions to serve their members,” added Trace Ledbetter, State National senior vice president. “This new connection between the alliance and the TruStage Auto Insurance Program empowers credit unions by making it easy to make car insurance available at a time when members need it most,” Ledbetter said.
Anheuser-Busch Employees’ Credit Union offers both programs, and this joint marketing effort is an easy and cost-effective way to reach members, according to Dan Vogler, executive vice president. “This gets our marketing message to the member at precisely the time they have to make an insurance decision. This is a great example of how the integration of two of our long-term partners can facilitate an improved delivery of a service to our members.”
Existing customers of the alliance and the TruStage Auto Insurance Programs have already been engaged to enable this feature starting in March. Other credit unions that want to take advantage of this opportunity need to participate in both programs. For more information about this opportunity for integration during the lending event, contact your CUNA Mutual Group Sales Executive at 800.356.2644.
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TruStage is a consumer marketing brand of CUNA Mutual Group, a company providing financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual Group’s vision is unwavering: To be a trusted business partner that delivers service excellence through customer-focused products and market-driven insight. More information about TruStage is available at www.trustage.com.