Financial Keyosk and Michael White Associates Announce New ``How To'' Book That Answers Credit Unions' Questions on Selling Property/Casualty Insurance.CARPENTERSVILLE, Ill. -- Now that credit unions have seen how successfully their credit union service organization A Credit Union Service Organization (CUSO) allows a credit union the ability to conduct business that they would otherwise be restricted from due to regulatory constraints. (CUSO CUSO Credit Union Service Organization CUSO Canadian University Services Overseas CUSO Canadian University Services Organization CUSO Carson United Soccer Organization ) can sell credit life and pay credit disability insurance to their members, many are looking to expand into property/casualty insurance. But most who try it quickly find it's a "different animal" entirely. Starting a CUSO-owned property/casualty agency or making an existing one profitable is the idea behind a recently published "How To" book. The book was co-written by John Dawson John Dawson is a name shared by several notable men, including:
LLC - Logical Link Control (MWA Digispeak for "a kiss" (the sound "mwa" makes!). See digispeak. ), a financial institution insurance consulting firm. "There's obviously a lot of confusion out there on how to make credit union-run insurance agencies work," said Keyosk President John Dawson. "Credit unions we visit have the same concerns. They're either selling insurance at a loss, have recently lost a carrier contract, or they want to start selling P&C insurance but don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. which method to use. Many don't know where to find answers, which is why we decided to write this book." The book, entitled How to Sell Insurance from Credit Unions, is a combination of insurance industry insight, step-by-step instructions, samples and case studies. Chapters cover the following topics: --What credit unions should know before they start selling insurance: Discusses the current state of the insurance industry, why credit unions should sell insurance, and when to expect success. --Choosing a distribution method: Weighs the pros and cons pros and cons Noun, pl the advantages and disadvantages of a situation [Latin pro for + con(tra) against] of building, buying or outsourcing an agency (includes a comparison chart and assessment quiz). --Starting an agency: Offers step-by-step instructions on how to implement whichever distribution method the credit union has chosen. --Contracts and regulations: Explains how to get licensed; questions to ask when working with attorneys, carriers, and regulators; and sample contracts. --Maximizing insurance sales to members: Gives instruction on how to help ensure a dynamic agency by selling through multiple channels, choosing the right products to sell, integrating insurance into the credit union and setting up an efficient backroom back·room n. or back room 1. A room located at the rear. 2. The meeting place used by an inconspicuous controlling group. adj. 1. . --Case studies: Describes real-life examples of credit unions that have built successful insurance agencies or turned around failing agencies. "The goal of this book is to help credit unions choose and execute the best method of offering insurance to their members," said Michael White. "We believe credit unions, with their close relationships with their members, will become increasingly significant sellers of personal and small commercial insurance." The book's table of contents and order form are available on Keyosk's website at www.financialkeyosk.com and on MWA's website at www.BankInsurance.com. About Financial Keyosk(TM) Financial Keyosk is an alternative insurance distributor helping financial institutions and agents establish or expand insurance operations. Financial institutions using the Keyosk system sell insurance through a combination of employee referrals, internet and onsite agents, without having to operate an insurance backroom. Keyosk's proprietary, web-based "Agency in a Box" technology gives financial institutions a turnkey agency environment with licenses in all states except Hawaii, selling for 40 insurance carriers including American Medical Security, CNA (Certified NetWare Administrator) See Novell certification. , Foremost, Fortis, The Hartford, Hanover, Principal Financial, SAFECO, St. Paul, UNICARE, Travelers, United Healthcare and Zurich North America. About Michael White Associates, LLC Michael White Associates, LLC (MWA) offers consulting services that enable financial institutions to implement successful insurance programs that benefit their customers and generate substantial fee income. Services include economic assessment of insurance opportunities and market-entry options, strategic planning, agency appraisals, third-party due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , and performance benchmarking. MWA also provides research including The Bank and Bank Holding Company Insurance & Investment Fee Income Reports (Bank-FIR and BHC-FIR) and BankInsurance.com Newsletter. MWA is headquartered in Radnor, PA, and online at www.BankInsurance.com. |
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