Island Federal Credit Union ($1.5B assets – 60,000 Members) Hires Insuritas to Launch Digital Insurance Agency
Growing Critical Recurring Fee Income While Providing a Core Product for Members.
East Windsor, CT (October 12, 2022) – Insuritas announces it has been hired by Island Federal Credit Union, Long Island, NY to install its award-winning full-service digital insurance agency platform. The insurance agency will be owned by Island Federal Credit Union, embedded inside the credit union’s ecosystem, and will be engineered to offer a full-service insurance agency solution to their retail and commercial Members. With the partnership, Island Federal Credit Union will be able to offer its Members the auto, home and commercial insurance products they purchase every year, while deepening wallet share and building an important source of annuitizing non-interest income.
“We’re delighted to partner with Island Federal Credit Union to provide a full-service, digitally powered insurance agency for the credit union and its Members,” said Insuritas Chairman and CEO Jeffrey Chesky. “Through our embedded insurance agency as a service, Island Federal will now be able to provide simple, seamless access to competitive options for their Members’ insurance needs, all with a focus on delivering the right coverages at the right price at the right time.”
“We are pleased to provide Island Federal Members the invaluable opportunity to shop and save on their insurance coverage needs, through an organization they already trust. Island Federal’s insurance agency will offer a full suite of insurance services to better help our Members, their families, and their businesses protect the things that matter most in life.” – Craig Booth, Chief Operating Officer, Island Federal Credit Union
The agency will feature a variety of insurance services, including home, renter’s, auto, pet, identity theft, travel and professional liability insurance, among others. The company partners with more than 40 carriers to ensure appropriate coverage at a competitive price. The agency is scheduled to open this winter.
The Insuritas mission is to connect people to the insurance products they need through a seamless, transparent shopping experience where carriers compete to provide them with the right coverage at the right price. The Insuritas ‘Embedded Agency as a Service’ platform is installed across a network of financial institution partners serving over 11 million customers nationally, empowering financial institutions to leverage proprietary data-mining techniques and integrations with a broad array of insurance carriers to make highly personalized, digitally optimized insurance offers to their depositors, all within their brand. These strategies help further their commitment to the financial well-being of their customers, while driving a critical source of non-interest income for their institution. For more information, visit www.insuritas.com.