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In today’s business world, the relationships you develop with your members are just as important as the hard work you put forth. Top-notch customer service is essential for your credit union to obtain new customers, retain loyal ones, and develop referrals for future business. When member services are pivotal to your credit union’s success, your employees need to have the tools to provide your members with what they want. However, knowing what your members want can be difficult.
For example, did you know many consumers desire products that help alleviate concerns of future hardship? The value-add of a loan’s credit insurance or debt protection is not lost on your members. Members who have added loan protection products to a loan in the past understand the peace of mind it offers. In a recent Transamerica consumer study, 92% of consumers who previously purchased credit life insurance said they would purchase it again with a future loan.
According to the study:
Improve relationships with members by making sure you have a range of valuable protection products available. These products reinforce the fact you have your members’ best interests in mind. Plus, consumers aren’t the only ones that benefit. By adding different types of loan protection products to your portfolio, you can improve your overall credit union business:
A client-centric sales process that includes a suite of financial protection products allows your staff to present a complete consumer financial package. Your credit union can expand relationships with your members and present educated, professional, and properly equipped employees who have the essential skills to take care of members’ needs.
Implementing loan protection products your members value can accelerate growth and boost the competiveness of your credit union. They also allow your credit union to embrace more sophisticated and disciplined marketing processes. Credit insurance and other debt protection solutions have the potential to support your larger growth strategy.
Transamerica can help your financial institution craft loan protection product solutions with package options that include involuntary unemployment, family medical leave of absence, life and accidental death, and disability. This flexibility will provide your credit union with a competitive advantage while improving your profitability. Perhaps most important of all, Transamerica can help you provide your borrowers with peace of mind by eliminating the risk of out-of-pocket expenses.
Transamerica’s suite of loan protection products helps your credit union open new doors, strengthen member relationships, increase borrower touch points, and grow fee income opportunities. Learn more about the Transamerica Financial Solutions Group and the products and programs available to help expand your business and improve member services.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at firstname.lastname@example.org or 1-800-446-7453.
March 3, 2014
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