Setting up insurance product sales
Choosing a selection of insurance products to sell and then market affects core processing systems, but credit unions don’t have to do it alone.
“We can provide software to set this up or modify a credit union’s current core processing,” says Harrison. As a rule of thumb, it takes about 60 days to install the SWBC system, Harrison says.
During the installation, three tasks must be completed:
“We also assign a number of SWBC agents to handle each credit union’s account with us,” Harrison says. “Internally, the credit union should have a ‘champion’ that interacts with us and works as a link between us and our client’s staff.”
Whatever means a credit union uses to engage in insurance product sales, Harrison has an important warning: “Don’t invest in an agency that has a culture different from yours.”
There’s an upside to a well-planned insurance sales program. “This is a growing market, although margins are thinner than ever. The sophistication of digital technology is drawing members into interactions with the credit union because of our fast response time,” Harrison says.
Werger sees no astounding new products or data-handling capabilities anytime soon. “The emphasis these days is on simplifying and optimizing the mobile insurance application and purchase,” he says.