Non-Interest Fee Income from Embedded Insurance inside Banks & Credit Unions Notes Growth Fueled by New Product Launches
BUNDLE by Insuritas announces over a dozen new insurance products to be embedded inside its insurance agency ecosystem
Insuritas, the nation’s leading operator of embedded insurance agencies for financial institutions, announces a major expansion of the insurance products offered inside its embedded insurance agencies as it continues to re-engineer insurance distribution in America. Banks and Credit Unions prove to be the ideal platform to help consumers and business owners to shop, compare and buy every insurance product they might ever need on a single platform.
With today’s announcement the expanded product portfolio features products that historically required a customer to shop for individually. Products offered inside the Bundle embedded agency platform will include:
Term life insurance
AD&D insurance
Disability insurance
Unemployment insurance
Disaster insurance
Home warranty
Identity theft protection
Pet insurance
Home services
Jewelry insurance
Critical illness insurance
Cancer insurance
Hospital indemnity insurance
All of these products are engineered to be purchased completely online on the customer’s preferred mobile or desktop device, inside the financial institution’s web ecosystem.
The Insuritas embedded insurance agency platform leverages advanced customer segmentation that supports early-stage opportunity identification that in turn leverages marketing automation that is data-driven to identify customers who are in-market for specific insurance products and proactively reach out with the appropriate insurance offers across a variety of communication channels. Offline and online cross-sell strategies are inserted as well to maximize insurance response at moments in which customers are most likely to purchase using the financial institution’s customer data.
"We are very excited to incorporate these complementary embedded insurance products into the product portfolio available to our financial institution partners," said Donna Jermer, EVP, Chief Marketing Officer at Insuritas. "This initiative is the first world-class multi-product recurring fee income generating platform that empowers banks and credit unions to enhance customer engagement and loyalty while unlocking new recurring fee income streams. Through BUNDLE by Insuritas, financial institutions can now utilize our predictive insights to present a comprehensive suite of insurance products to meet all of their customers insurance.”
Jermer noted, “Financial Institutions are witnessing an unprecedented attack on their traditional sources of fee income, and a full service embedded insurance agency generates recurring fee income from helping their customers, replacing traditional fee income sources and without any balance sheet risk. BUNDLE by Insuritas provides an easy to install, fully embedded insurance agency solution that provides a powerful recurring fee income offering the insurance products every consumer purchases every year.”