EAST WINDSOR, Conn., Aug. 13, 2013 /PRNewswire/ -- Insuritas announced today that it has entered into an agreement with Olympia, Washington-based Washington State Employees Credit Union (WSECU) to provide a turnkey insurance agency platform for the benefit of its 177,000 members.
Jeff Chesky, President and CEO of Insuritas, stated that the company is very pleased to deliver its award-winning sales platform and its web-based online agency capabilities to WSECU. Chesky noted that, "WSECU'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, "WSECU 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 bring to deposit gathering and loan making."
WSECU executives researched the various options for providing insurance products to its members including building a new agency complex from scratch or purchasing an existing agency. Given the large capital and execution risks with the first two options, management settled on an outsourced solution and after conducting a thorough due diligence concluded that Insuritas was the perfect solution.
Gary Swindler, WSECU's Chief Member Officer said, "We look forward to our new partnership with Insuritas that will help us meet a member need and create a new business opportunity for the credit union. A majority of our members purchase insurance from someone every year and we asked ourselves a simple question: Can WSECU help our members buy the insurance they need?"
Swindler added that "creating an 'Insurance Aisle' will afford WSECU the opportunity to own an insurance agency and leverage lending and online banking to support the insurance needs of members. "It's a natural addition to the line of products and services we currently provide the membership."
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 outsourcing solution, financial institutions leverage Insuritas' proven, end-to-end insurance agency solution. Additional information is available at www.insuritas.com.
About Washington State Employees CU (WSECU)
WSECU is a member-owned credit union serving the people of Washington State. For over half a century WSECU has combined a full suite of financial offerings with exceptional member service and free financial education to create prosperity for their members and communities. For more information, visit www.wsecu.org.