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CUNA mutual teams with state national companies.

CUNA Mutual Group and State National Companies have teamed up to provide tracked collateral protection insurance to credit unions.

According to the firms, the alliance creates the largest consumer CPI affiliation serving credit unions in the collateral protection industry.

State National will cover the insurance tracking, underwriting, claims processing and customer service for CUNA Mutual's tracked consumer CPI business. CUNA Mutual will continue to offer its other collateral protection products, including blanket, immediate issue, real estate, title tracking and several optional coverages.

CPI is a commercial product that protects the collateral on credit unions' loan portfolios against uninsured physical damage exposures. Tracked programs generate notices to members who aren't in compliance with their loan agreement to maintain a minimum level of physical damage insurance. When proof of insurance is not provided, a policy is placed on the collateral to protect the credit union should the collateral become damaged and have to be repossessed.

Both companies will collaborate in sales efforts. CUNA Mutual will continue as credit unions' single point of contact, while State National will provide product expertise to the sales process.
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Publication:Credit Union Times
Date:Aug 12, 2009
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