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Credit unions and banks are the only businesses on the planet that get high levels of repeat visitors to their web sites — day in and day out — for free. They are also the only businesses on the planet that generate this volume of web traffic but don’t sell anything online. Their free online banking solution generates thousands of online visitors every day, yet the web portal is still just an expense item and a placeholder for brochureware.
Starting today, credit union CEOs must insist on a redesign of their web portals so that members can shop, compare, and buy fee income-generating products and services without ever leaving the cooperative’s own website. In the same way that Orbitz revolutionized the travel industry and Amazon upended traditional retail distribution models, it’s time for credit unions to join the eCommerce revolution and turn their websites into fee income generating machines. With 70% of Americans reporting that they begin the process of shopping for insurance online, insurance and insurance-related products are an ideal place to start this journey.
Creating a web-based insurance aisle in the online store allows members to have real-time online access to the products they want and need — like auto, home and business insurance, AD&D, ID Theft, Roadside Assistance, and Travel Protection. A credit union website is a perfect delivery channel to replace third-party direct mail campaigns, statement stuffers, rack brochures, and other outdated analog distribution methods. When a member is paying bills and checking account balances online, isn’t that also a great time for them to shop for insurance and purchase these products with a single payment checkout, just as they do with Amazon?
Today, if members want to shop through a credit union’s suite of insurance products they have to wait for a postcard, pick up a rack brochure, call an unfamiliar “800” number or, if there is an online option, click through to a third-party vendor site. At that point, the credit union has lost complete control of the member experience. To make matters even worse, these third-party vendors require that members enter the same information everywhere they shop. While these requirements work for carriers and vendors they don’t work for your members —and frankly, they shouldn’t work for the credit union either. These third party vendors also keep as much as 90% of the fee income generated from these product sales, leaving the credit union with table scraps.
It’s time to insist that members be able to shop on your website the same way they do with Amazon — and SmartCART Technology℠ enables that experience. Members can shop, buy and manage the insurance related products they need all in one place. SmartCART Technology℠ also enables members to approve all application disclosures and confirm their purchases with an eSignature. Once a member completes a single check-out transaction they will receive products, policies, documents, and coverages immediately, while the credit union books the revenue generated instantly. SmartCART Technology℠ also creates a permanent online account so post-purchase maintenance like changing payment methods, adding dependents and beneficiaries, assigning benefit allocations, and customizing coverages has never been easier.
It’s a true revolution for both you and your members. SmartCART Technology℠; More Products, More Flexibility, More Options, One Web Experience – Yours. Please visit www.insuritas.com today for more information.
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.
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June 17, 2013
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