To give its more than 16,600 members another option, Beacon Federal Credit Union has partnered with Insuritas, a provider of outsourced insurance agencies, to open an insurance firm.
The East Windsor, Conn.-based Insuritas said it will deliver its platform and Web-based online agency capabilities to the $130 million Beacon FCU in La Porte, Texas.
The firm said its service enables financial institutions to own a complete insurance agency without the significant capital investments required to build or buy an agency.
The agency includes sales professionals and sales strategies, ongoing access to insurance industry experts, and complete back-office services including billing and claims processing, according to Insuritas.
"We took a long hard look at what our options were for providing our membership with the insurance products and services they require. We knew that building or buying an agency was expensive, risky and labor intensive, said Jack McAdoo, president/CEO of Beacon FCU.
According to Insuritas President/CEO Jeff Chesky, Beacon FCU's insurance agency is scheduled to be fully operations in a matter of months.
Insuritas' deal with Beacon FCU marks the company's first credit union partnership in Texas, Chesky noted.
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