Rivermark Community Credit Union Hires Insuritas to Launch Turn-Key Insurance Agency
Insuritas Partnership Enables Rivermark Community CU to Create an ‘Insurance Aisle’ in their Store
EAST WINDSOR, CT (March 14, 2013) – Rivermark Community Credit Union ($550m Assets) located in Beaverton, Oregon has hired Insuritas to open a turnkey insurance agency for its 65,000 members.
Officials at Insuritas report that the company will partner with Rivermark Community CU to deliver their award-winning, highly automated sales platform and their online agency capabilities to drive new levels of service and fee income growth into the credit union’s retail and small business membership base.
“It was clear that we needed to provide an insurance solution to our member base in order to remain competitive. Rivermark Community is writing close to 5,000 direct and indirect auto loans per year that require insurance, and 100% of our members purchase insurance from someone every year; we asked ourselves, can we help our members buy the insurance they need?” Scott Burgess, CEO of Rivermark Community Credit Union, said in a statement.
Rivermark executives began to research the options to entering the insurance agency business (build, buy or outsource) and they discovered that “building or buying” involved large capital and execution risks. They then investigated the outsourcing options available and concluded that Insuritas was the right solution. “Creating an ‘Insurance Aisle’ will afford us the opportunity to own an insurance agency and leverage our lending and online banking to support the insurance needs of our members.”, Burgess stated.
Insuritas enables banks and credit unions to own a complete insurance agency solution without the significant capital investments required to build or buy an agency, or the inherent operational risks. Through a cost-effective outsourcing service, financial institutions leverage Insuritas’ proven, end-to-end insurance agency solution. Insuritas is located in East Windsor CT. Additional information is available at www.insuritas.com.