Adding insurance offerings to a credit union’s portfolio can do more than bring in a new revenue stream–it can strengthen member relations and loyalty.
“In 2018, it is more important than ever for credit unions to find new and unique ways to strengthen their member engagement,” said Andrea Heger, senior vice president of sales and client services with Franklin Madison. “Credit unions should consider investing in insurance products from top-rated insurance carriers. This can be achieved with little to no cost to credit unions.”
Heger said it is important to choose a reputable partner, one that will help them strengthen member engagement, increase brand loyalty, and generate predictable and sustainable non-interest income.
“They should look for a partner that has a proven track record of award-winning marketing creatives that have industry-leading response rates, which drives engagement with members,” she said.
Heger notes that Franklin Madison offers insurance products in the following areas: AD&D, recuperative care, hospital accident protection, simplified-issue term life, and graded benefit whole life insurance.
“Financial institutions that use Franklin Madison incur no marketing expense, receive complete turnkey operations, and experience absolute ease of implementation with toll-free member service,” Heger said. “In addition, Franklin Madison has implemented a Gramm–Leach–Bliley Act (GLBA) compliant privacy solution to protect non-public member information.”
Heger said the products are backed by Franklin Madison-produced direct mail and digital campaigns, as well as an ADA-compliant website.