MADISON, Wis. (2/10/14)--CUNA Mutual Group and State National Companies are collaborating to inform credit union members of coverage available through the TruStage auto insurance program.
The coverage helps protect more members by making information about car insurance accessible at a time when members are most likely to be looking for it, CUNA Mutual Group and State National Companies said.
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 and 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," Arnold said.
Existing customers of the alliance and the TruStage auto insurance programs can access this feature in March. Other credit unions must participate in both programs.