Callahan & Associates and SCS Consulting are pleased to announce the 2008 Loan Protection Product Benchmarking Report, a new research study designed to provide insight into the credit union loan protection market.   Loan protection products are becoming an important source of non-interest income while offering security and peace of mind to members.  In the current economy, credit unions are looking for ways to evaluate their performance and uncover ways to more effectively manage their program. 

This groundbreaking new report will provide key credit union industry data on the penetration of loan products such as credit life/disability, debt protection, Guaranteed Auto Protection (GAP), extended warranties, and mechanical breakdown insurance.  The report has two main components – an industry overview based on market data, and credit union performance data from participating credit unions.
 
How much revenue is your program producing? Should your member penetration be higher?

This research will also present valuable comparisons to understand where your credit union has opportunities to improve.  The study will offer insight into best practices and will highlight credit unions effectively meeting member needs.  Participating credit unions will receive a customized report section comparing their performance data to their peers on key performance benchmarks to help answer the following questions:

• How do my credit union’s sales penetration rates compare to my peers?
• Which products are credit unions having the greatest success with?  Why?
• Are there opportunities for increasing our income? 
• How do our expenses and expense ratios compare to similarly sized programs?
• What types of sales incentives are effective?
• How are other programs providing training and support to sales staff? 

The report will include an industry overview of the credit union insurance and loan protection product market as well as benchmarks for individual credit union performance. 

Part  1:  provides an industry overview of the credit union loan protection product market in terms of market penetration by product type, size and type of credit unions.  The global industry overview will include 2007 and 2008 data to provide an aggregate picture of credit union Credit Insurance and Debt Protection products that can be trended on a yearly basis.  

Part 2:  provides key performance benchmarks based on data provided by individual credit unions.  It will include:

• Credit union product penetration levels across auto, home equity, credit card and unsecured loans
• Insights into ways to increase your product penetration
• Credit union training methods and success stories
• Case studies highlighting best practices,
• Recommendations for optimizing your credit union program

Part 3: For survey participants, this customized section compares your data to relevant peers on key industry metrics, designed to help you evaluate your individual performance.