Suffolk FCU Announces New Insurance CUSO
Credit union serving New York’s Long Island partners with Insuritas to offer insurance brokerage services.
The $1.5 billion Suffolk Federal Credit Union based in Medford, N.Y., announced the launch of its own insurance agency – structured as a CUSO wholly-owned by the credit union and developed with partner Insuritas – on Wednesday.
The East Windsor, Conn.-based Insuritas, a full-service digital insurance agency platform provider, works with financial institutions to implement an online platform where customers or members can shop for products from white-labeled insurance agencies, all from a website showcasing the financial institution’s brand. It also enables financial institution clients to target customers or members with personalized insurance offers due to their ability to leverage Insuritas’ proprietary data-mining techniques and integrations with a wide range of providers, according to the announcement.
Through Insuritas’ new partnership with Suffolk Federal, the credit union’s more than 65,000 members will have access to personal, ancillary and commercial insurance products. Members will have the ability to shop for products including life, home, renter’s, auto, pet, identity theft, travel and professional liability insurance from more than 40 carrier partners, the credit union said.
“We are always looking for opportunities to enhance the value and experience we provide to our members. In collaboration with Insuritas, we can offer our members a variety of insurance options, which could save them both time and money,” Suffolk Federal President/CEO Michele Dean stated. “Affordability, convenience and quality of insurance offerings are some of the benefits the agency will provide our members.”
Insuritas Chairman and CEO Jeffrey Chesky added, “We’re delighted to announce our relationship with Suffolk and are proud to have earned the opportunity to build, launch and manage a full-service, digitally powered insurance agency for the credit union and its members. Through our relationship, the credit union will now be able to provide simple, seamless access to competitive options for their members’ insurance needs, all with a focus on delivering the right coverages at the right price at the right time.”
The announcement came three months after Greater Texas Credit Union ($952 million, Austin) revealed it had partnered with Insuritas to launch its own insurance agency.