Island Federal Credit Union has selected digital insurance agency platform Insuritas to install its full-service digital insurance agency platform.
The insurance agency will be owned by Island Federal Credit Union, embedded inside the credit union’s ecosystem, and will be engineered to offer a full-service insurance agency solution to their retail and commercial Members.
According to Insuritas, with the partnership, Island Federal Credit Union will be able to offer its members the auto, home and commercial insurance products they purchase every year, while deepening wallet share and building an important source of annuitising non-interest income.
Insuritas’ mission is to connect people to the insurance products they need through a seamless, transparent shopping experience where carriers compete to provide them with the right coverage at the right price.
The company’s ‘Embedded Agency as a Service’ platform, is installed across a network of financial institution partners serving over 11 million customers nationally. It helps FinTechs leverage proprietary data-mining techniques and integrations with a broad array of insurance carriers to make highly personalised, digitally optimised insurance offers to their depositors.
Jeffrey Chesky, Insuritas chairman and CEO, said, “We’re delighted to partner with Island Federal Credit Union to provide a full-service, digitally powered insurance agency for the credit union and its Members.
“Through our embedded insurance agency as a service, Island Federal will now be able to provide simple, seamless access to competitive options for their Members’ insurance needs, all with a focus on delivering the right coverages at the right price at the right time.”
Craig Booth, chief operating officer, Island Federal Credit Union, added, “We are pleased to provide Island Federal Members the invaluable opportunity to shop and save on their insurance coverage needs, through an organization they already trust. Island Federal’s insurance agency will offer a full suite of insurance services to better help our Members, their families, and their businesses protect the things that matter most in life.”
Last year, UNIFY Financial Credit Union partnered with Insuritas to launch insurance brokerage services for UNIFY’s retail and commercial members.
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