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Philadelphia FCU takes an "outsource" approach to new insurance CUSO

PHILADELPHIA - Taking a cue from its 98,000 members, Philadelphia Federal Credit Union has formed a CUSO - PFCU Insurance Services, LLC - to offer its members insurance products. The unique aspect about the new CUSO is it's outsourcing the operations to Springfield, Massachusetts-based Banc Insurance Services Inc. to offer...

By Myriam DiGiovanni | Updated on August 07, 2001

PHILADELPHIA – Taking a cue from its 98,000 members, Philadelphia Federal Credit Union has formed a CUSO – PFCU Insurance Services, LLC – to offer its members insurance products. The unique aspect about the new CUSO is it’s outsourcing the operations to Springfield, Massachusetts-based Banc Insurance Services Inc. to offer members auto, homeowner, life, business and long-term care insurance over the phone via an 800 number. “We wanted to provide our members the largest number of product choices at the best rates we could give,” said PFCU Services LLC CEO Mark Craven. “It’s the best of both worlds, the credit union brand with the expertise of a 150 year old agency.” With PFCU as its first credit union client, and still looking to expand beyond Massachusetts, Banc Insurance Services has a number of credit unions lined up and expects to sign with them by year-end. According to Craven, when members call the toll-free number they will hear the CUSO’s name. The agency has already contacted various carriers such as Hartford, Kemper, and Progressive to bring into the fold. PFCU will retain the renewal rights to the policies it sells through Banc Insurance Services. “With this, we get the economy of scale and have a lot more leverage than if we started ourselves,” said Craven. “And this way we have control over what we present to our members.” September is the expected insurance sales launch date. [email protected]

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