In the insurance marketplace, consumers increasingly use different channels for different purposes. This corresponds with a major shift to digital media, convenience of mobile technology and members demanding channel choice. Consider:

When researching virtually all types of insurance products, consumers vastly prefer digital channels over physical ones. In fact, according to LIMRA in its 2013 Insurance Barometer Study, 86% of consumers use the Internet in their life insurance buying process.

Channels with human interactions, meaning talking in-person or over the phone, still represent about 63% of insurance purchase and service activities, according to a 2013 eMarketer report on digital insurance trends.

Taken together, these facts paint a picture of a multi-channel consumer: one who starts online but finishes the transaction in-person or over the phone. To capitalize, make sure messaging about your insurance program is present in a variety of media including in-branch, print and digital.

Members who pick insurance programs are stickier.

Noninterest dollars begin to flow when members choose the insurance your credit union endorses – no surprise there. Further, as a 2013 McKinsey & Company study shows, when multiple products are bundled such as auto and home insurance, the tendency to switch providers is cut in half.

But that's just part of the story. When you connect a member with an insurance product, your credit union instantly becomes a more complete financial resource and more likely to retain that member. A 2011 analysis of CUNA Mutual Group's policyholder data showed that when members purchase insurance through a credit union, their retention rate is 92%. For members who don't, it's 86%. To capitalize, make sure you offer a variety of insurance products to your members.

Members' expectations are higher as competition heats up.

Members certainly do appreciate the traditional advantages of credit unions over banks. But as ORC International research points out, in today's marketplaces, "even with all the data available, companies can't keep customers satisfied. The rate at which dissatisfied customers switch products and services continues to rise."

That's why it's important to broaden activities that help position your credit union as a complete financial resource. In doing so, you can increase members' awareness of your insurance program and how its products can be a vital part of their financial security.

One approach to providing a distinct membership benefit is a small complimentary accidental death and dismemberment insurance policy for every member. This type of insurance is valued by members because it provides affordable and meaningful protection against accidents, the leading cause of death for those under 44 as reported by the Centers for Disease Control and Prevention.

To capitalize, make AD&D enrollment part of the new member enrollment process; doing so means you've added immediate value to membership. Further, you can add it to nearly any promotion in any channel.