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Institution Solutions new CEO has a plan to save America’s credit unions
(July 23, 2015) — Credit Unions are non-profit by design – and so they have come to rely heavily on fees for common services for survival. Ever-tightening regulations coupled with competition from recent big bank mergers are squeezing the life out of what was once the backbone of Main Street.
Technologist and newly appointed CEO John Chipps is leveraging Institution Solutions’ decades of relationships with hundreds of Credit Unions, combining the buying power of their members to offer products and solutions that they couldn’t otherwise have access to at the same prices.
By implementing technologies like video insurance quotes and big data analytics, Chipps is converting Credit Unions into virtual insurance agencies, where customers get access to a unique mix of innovative products at competitive prices while Credit Unions increase member affinity and gather commissions that would otherwise have gone to insurance agents.
Institution Solutions and Alloy Insurance Partners, Richardson-based third-party administrator and insurance agencies, have announced the appointment of Chipps as their new Chief Executive Officer. He has held executive technology and operations management positions in private and public financial service, technology, consulting and not-for-profit firms during the last 18 years of his career.
“We are excited about the positive changes in strategy, growth, innovation and culture that John has been known for in his other business ventures,” said Paul Clampitt, Institution Solutions Chairman and Founder. “John is an excellent fit with ISI and Alloy, his background as a strong technologist and business operations leader makes him the right person to lead the ISI and Alloy teams to the next level of its growth and development, while upholding our core values of providing exceptional value and service to our customers. He embodies the values of servant leadership and remaining customer-centric in company decisions.”
Chipps most recently served as the CEO of Seek CIO, a technology and executive consulting and recruiting firm. His prior executive positions include CTO for on demand marketing firm Xpressdocs, CIO and SVP for BatrusHollweg International, a human capital consulting firm, CEO and Founder of technology consulting firm WEBuilder and CTO for epicRealm, a global content delivery network provider. John was also CIO and Executive Manager of Giggo.com where he transitioned the firm as a wholly owned subsidiary of Daimler/Chrysler to a pre-IPO firm and CIO and Executive Manager for HD Vest Financial Services. Earlier positions included Operations Manager for EDS and consulting positions with Texas Instruments and Microsoft.
John holds a Master of Science in Management from the University of Texas and a Bachelor of Science degree in Business Administration from Ambassador University.
“I am honored to be leading such a talented group of people at such an exciting time in the growth of the organization,” said Chipps. “ISI and Alloy’s knowledge of insurance and credit unions combined with a unique mix of products and innovative technology further strengthens member affinity while generating non-fee based revenue for our Credit Union partners. I am excited about the opportunity to further build upon ISI’s reputation as a valued partner to Credit Unions!”
About Alloy Insurance Partners:
Alloy is a better insurance model, offering an independent insurance agency custom tailored to the Credit Union’s needs and capabilities. Alloy helps Credit Unions achieve their critical goals to: grow and diversify net income, deepen member affinity and improve member retention. Building upon the success of Institution Solutions, a proven service provider in the Credit Union industry supporting hundreds of financial institutions, Alloy is poised to emerge as the preeminent solution to Credit Unions’ insurance needs. Alloy leverages cutting edge technology, competitive products, industry know-how and a dynamic agency team to deliver the right product at the right time and price to Credit Union members.
About Institution Solutions:
Founded in 1996, Institution Solutions Inc. (ISI) is becoming one of the fastest growing insurance administrators in the financial institution industry. Providing personalized product development, custom marketing strategies, innovative technology solutions and unparalleled customer care and support, ISI takes pride in its ability to increase member loyalty and generate fee income for its clients.
For more information, go to www.isillc.com