FAQs
Why would a Credit Union consider bringing their Collateral Protection Plan in-house?
Insurance Companies and TPA’s have profited from Credit Union’s CPI plans since inception of the product. Our Management Platform provides you transparency and the tools to manage your plan to a specific loss ratio. New Non-Interest Income and a New Managed Plan.
Does your plan pick up the existing loan portfolio?
Yes, the quote provides coverage to include your existing portfolio. You are provided an endorsement named – “Assumption of Coverage”.
By charging a fee to all your members, aren’t you penalizing the members that do provide insurance?
No, this is a plan that protects the Credit Union’s interest only; it is not a plan for your members. It eliminates expenses incurred by the credit union, the frustration employees have, the anger from members, the inefficiencies created and removes any issues with the CFPB (predatory lending practices) of Force Placed CPI plans.
Has this plan been vetted?
Several well-recognized Law and Auditing Firms that serve the Banking and Credit Unions industries have given us the thumbs up.
Is this plan risky?
No. Our Management Platform provides daily KPI’s that keeps your plan on target of your goals you set. In addition, we have secured Insurance for the severity claims that will take place from time to time keeping your plan profitable and manageable.
What is our next step?
Contact us to secure a financial proforma and proposal.
