There are a range of products that members may be interested in, may appreciate – may even have come to expect in recent years. You probably offer some or all of them to your borrowers or checking account holders: AD&D, home and auto insurance, and term life have become familiar products that provide a sense of security to your members while creating a source of revenue for your institution.
Simply because you have offered particular products a certain way does not mean that you must continue to do so. Are you able to customize these solutions in all the ways that you would like to? Consider these possibilities:
- Providing unique insurance solutions for each loan or account you open
- Offering personalized options to members, upon an initial decline of life insurance
- Maximizing revenue through bundling, when a member selects more than one product
- Implementing methods of offering these products that strengthen ties with your members
- Experiencing case by case flexibility regarding state insurance regulations and mandated loss ratios
Is the feedback from your members as positive as you would like it to be? Are you able to offer them cost savings on various types of coverage, as a result of their membership in your credit union? And if so – do they realize they are eligible for these cost savings? Take a fresh look at the solutions you are offering, familiar as they may be – you will be glad that you did!
