Fairport Savings Bank ($286 M Assets) Launches Insurance Agency to Drive Fee Income
Insuritas, the nation’s premier provider of turn-key insurance agencies for financial institutions announced that it has been hired by Fairport Savings Bank. The agency will provide a comprehensive suite of insurance products for the banking customers and the communities it serves.
Dana Gavenda, CEO of Fairport stated: “Launching our wholly owned Insurance Agency allows us to continue our commitment to providing our customers with all the financial products they need in a one stop shopping solution that focuses on price, convenience, and service. With 100% of our customers needing insurance every year, we will focus on insurance with the same passion and energy we have for deposit gathering and loan growth. Partnering with Insuritas allows us to deliver a full suite of insurance products to our customers when they apply for a loan, get a renewal notice in the mail, or go online to pay a bill.” Gavenda concluded: “At Fairport Savings Bank, we believe you should love your bank. Not just like it, but love it. And we believe adding insurance to our product offerings will add to that commitment.”
Jeff Chesky, President and CEO of Insuritas, noted: “Leadership at Fairport Savings Bank has recognized that providing a full suite of insurance products to their customers is a natural extension of their core business and leverages the powerful brand equity and trusted relationships they’ve created in the market.” Chesky added, “Our deployment team will install our award winning E-InsuranceAISLE™, LoanINSURE® and SmartCART Technology℠ platforms, creating a virtual ‘Insurance Aisle’ inside the Bank that will provide a powerful lift in recurring, value added, non-cyclical fee income while helping more customers and small businesses save time and money on insurance.”
Insuritas pioneered the deployment of virtual “private labeled” insurance agencies that are integrated into bank and credit union operating environments – currently connected to over 8.4 million consumers and over 1.2 million small businesses. The Insuritas solution, which is now installed in over 150 financial institutions, includes four core technology platforms that transform the shopping experience for millions of consumers for the insurance products they purchase and repurchase every year. Insuritas enables financial institutions to own an insurance agency solution without the significant capital investments required to build or buy an agency, or the inherent operational risks attendant to either of those approaches. Through a cost-effective partnership solution, financial institutions leverage Insuritas’ proven, end-to-end insurance agency solution. Click www.insuritas.com for additional information.
About Fairport Savings Bank
Fairport Savings Bank, headquartered in Rochester NY is a community savings bank offering secure and personalized financial solutions designed for every stage of life. The bank has been operating since 1888. Fairport Mortgage, a division of Fairport Savings Bank, is dedicated to helping families and individuals in our community finance the home of their dreams. Fairport Wealth Management, Inc., a wholly owned subsidiary of Fairport Savings Bank, was created to provide our community with access to a broad range of quality investment, insurance and financial planning solutions. All three divisions of the Fairport Savings Bank family share the same core values and commitment to delivering a consistently exceptional customer experience. www.fairportsavingsbank.com