Insuritas, a digital InsurTech firm renowned for its comprehensive insurance agency platform, BUNDLE, has announced a significant partnership with The Farmers & Merchants State Bank (F&M Bank), based in Archbold, Ohio.
This collaborative venture with F&M Bank involves implementing BUNDLE by Insuritas, the acclaimed full-service digital insurance agency platform. The bank-owned insurance agency will be seamlessly integrated into F&M Bank’s ecosystem to provide its retail and commercial customers with an all-encompassing insurance agency solution.
Insuritas leverages its cutting-edge technology stack, including machine learning and natural language processing, within its BUNDLE platform. This enables the identification of high-intent insurance customers and maximises purchase consideration. With this technology, F&M Bank aims to deepen wallet share, enhance annuitising non-interest income, and offer a diverse range of insurance products such as auto, home, commercial, and ancillary insurance to its clientele.
The additional funds are earmarked to enhance the platform’s capabilities, offering a simple, seamless access to competitive options for customers’ insurance needs, and maintaining a focus on delivering the right coverages at the right price at the right time.
Insuritas Chairman and CEO Jeffrey Chesky said, “We’re delighted to partner with F&M Bank to provide a full-service, digitally-powered insurance agency to their customers in the growing Ohio, Indiana, and Michigan markets. Through BUNDLE by Insuritas, our embedded insurance agency as a service, the bank will now be able to provide simple, seamless access to competitive options for their customers’ insurance needs, all with a focus on delivering the right coverages at the right price at the right time.”
F&M Bank President and CEO, Lars Eller, highlighted the benefits this partnership will bring, “We are always looking for opportunities to enhance the value and experience we provide to our customers. We are excited to partner with Insuritas to offer full-service insurance solutions that will allow our customers another avenue to do business with an organisation they already trust. Affordability, convenience, and quality of insurance offerings are some of the benefits the agency will provide our customers.”
F&M Bank’s insurance agency launch is scheduled for fall this year, promising a variety of insurance services that will augment the bank’s financial services footprint and strengthen its existing relationship with customers.
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