NAFCU Services Blog

Aug 11, 2023
Categories: Strategy Marketing

Optimizing Your Auto and Home Insurance Program for Growth

By Tammie Kovacs and Alison Fleming, TruStageTM Consumer Insurance Solutions Specialists

In auto and home insurance, achieving sustainable growth requires a proactive approach that today goes beyond traditional methods. The reality is even successful agencies only help protect a small percentage of members eligible for auto/home insurance.  

One strategy to help encourage growth in your insurance program is to adopt new and unique partnerships that help grow profitable income, expand product offerings, increase member reach and integrate innovative tech.

Enhancing Member Experience

Collaborative partnerships may provide an opportunity to help enhance the overall member experience by helping to provide better service and overall greater value. 

By teaming up with direct marketing partners or insurtechs, credit unions and CUSOs could reach more members, leverage innovations like mobile apps, digital claims processing or cross-brand integrations.

Expanding Product Offerings and Services

In 2023, car insurance rates are projected to rise by 8.4% on average nationwide.  Inflationary pressures may encourage members to shop for insurance. This could provide credit unions with an opportunity to offer more channels, products and services that assist members.

In the past, credit unions relied on their agency’s carriers exclusively. Now more agencies are adopting the mindset of collaborating with new and unique partners.

Increased Market Reach

By partnering with organizations that have a strong presence in specific demographic or geographic areas, insurance providers could extend their reach and access previously inaccessible customer segments. With an expanded reach, credit unions may increase market share and ultimately help drive growth in their auto and home insurance programs.

Innovating for the Future

Sharing knowledge may help drive innovation by fostering an environment of collective creativity, innovative business models and out-of-box thinking. Leveraging emerging tech like artificial intelligence (AI), could help credit unions stay ahead of the curve and meet the changing expectations of customers in a rapidly evolving digital era.

Together, we could help build a stronger insurance industry that serves the evolving needs of businesses and individuals alike.

1 ValuePenguin, “State of Auto Insurance in 2023,” 2023
The views expressed here are those of the author(s) and do not necessarily represent the views of TruStage.
TruStageTM is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.Auto and Home Insurance Products are issued by leading insurance companies. The insurance offered is not a deposit, and is not federally insured, sold, or guaranteed by any financial institution. Product and features may vary and not be available in all states.AUT-5807921.1-0723-0825 © TruStage

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