LIMRA, NACUSO Team Up For Credit Unions

WINDSOR, Conn. – LIMRA International and the National Association of Credit Union Service Organizations, have recently formed a marketing alliance. Under the agreement, some 400 NACUSO members will now have access to LIMRA’s research and services to better support their insurance marketing initiatives. According to LIMRA International Director of Marketing of Financial Institutions Theodore Johnson the alliance is a win-win opportunity for both organizations. “When Bob (Dorsa) approached us with the idea we saw that it would be a natural fit,” said Johnson. “Although we had expanded into banks and other financial entities we never really got into the CU arena, and this is a good way to expose what we do to credit unions. Now NACUSO members have a value added benefit of access to all our information, resources and service.” LIMRA was originally established in 1916 to help member companies maximize marketing distribution effectiveness. Currently LIMRA counts 850 insurance and financial institutions in more than 60 countries as members. In addition to providing information to help promote and expand knowledge of getting into life insurance and annuity sales, LIMRA offers consulting services and hundreds of annual, quarterly and cyclical research studies. With the new arrangement NACUSO members can also request that specific studies or surveys be conducted. For example a recent 2002/2003 Kehrer-LIMRA Bank Life Sales Study included information from some 56 banks and credit unions. The study finds that financial institutions are once again making significant gains in selling life and health insurance after progress stalled in 2001. The financial institutions studied had average total revenue from life and health insurance marketing of $1.70 per FI/consumer household in 2002. “As more and more credit unions expand into the sale of life insurance and related products and services, NACUSO is pleased to support their efforts and introduce them to LIMRA as a means of getting the very best information and data about this new and challenging market opportunity,” said NACUSO President Bob Dorsa. The LIMRA-NACUSO marketing alliance will be reviewed annually to determine if the needs of both parties are being met.