Noninterest income for one of CUNA Mutual Group's insurance program has yielded double-digit growth, the company said.
Among the 3,400 credit unions participating in the MemberCONNECT program in 2012 and 2013, the median growth rate of noninterest income payments stemming from the TruStage Auto & Home Insurance program grew significantly, according to CUNA Mutual.
Credit unions with fewer than $1 billion in assets saw noninterest income payments grow by an average of 13.5% annually. Those with more than $1 billion in assets had an average growth rate of 19.9%
Designed specifically for credit unions and their members, CUNA Mutual said TruStage paid more than $66 million in noninterest income to credit unions in 2013.
“We've made significant investments in the new channels members want – mobile technology, digital advertising, social media and others,” Stephen Arnold, vice president of TruStage said.
In traditional channels, TruStage's continued improvements and honed marketing techniques also helped to improve response rates more than 50% from 2011 to 2013, Arnold added. TruStage put more than $29 million in insurance savings back into members' pockets, he noted.
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