Midflorida Credit Union Hires Insuritas To Launch Turn-key Insurance Agency Partnership Enables Midflorida CU to Drive Explosive Growth in Fee Income
EAST WINDSOR, Conn., July 8, 2013 /PRNewswire/ -- Insuritas, the nation's top ranked provider of outsourced insurance agencies, announced it has been hired by Midflorida ($1.9 billion in assets) located in Lakeland, Florida to open a turnkey insurance agency for the benefit of Midflorida's 195,000 members.
Jeff Chesky, President and CEO of Insuritas, noted that the company will deliver its award-winning sales platform and its web-based online agency capabilities to Midflorida. Chesky noted that "Midflorida's management realized that providing insurance products to their members is a natural extension of their core business and leverages the already powerful brand equity they've created in the market." Chesky added that "Midflorida is joining a rapidly growing list of financial institutions that have come to recognize the need to treat insurance with the same discipline and intensity that they do with deposit gathering and loan making."
Midflorida executives researched options for providing a turnkey insurance agency for its members including building a new agency from scratch, purchasing an existing agency, or hiring Insuritas. Given the large capital and execution risks with the first two options, management concluded that Insuritas, with its LoanINSURE® and SmartCART Technology℠, was the perfect solution.
Dennis Pershing, Chief Lending Officer of Midflorida, noted that "we are both pleased and excited to partner with Insuritas on this important initiative for the credit union and our members. It was clear that we needed to provide an insurance solution to our member base in order to remain competitive. We recognized that 100% of our members purchase insurance from someone every year and we asked ourselves a simple question: Can we help our members buy the insurance they need?" Pershing added that "creating an 'Insurance Aisle' will afford us the opportunity to own an insurance agency and leverage our lending and online banking to support the insurance needs of our members."
Insuritas enables financial institutions to own an insurance agency solution without the significant capital investments or operational risks of building or buying an agency. Through its award winning solution solution, financial institutions leverage Insuritas' proven, end-to-end insurance agency solution. Additional information is available at www.insuritas.com.
Midflorida, the 5th largest credit union in Florida, serves more than 195,500 members and has over $1.9 billion in assets. Additional information is available at www.midflorida.com.