Best-in-Class VSC Plans. 100% of the Underwriting Profits.
For 30 Years, VSC Providers Said This Was Impossible
Imagine a VSC program built by and for credit unions. What would that look like? Here’s some ideas:
- Your credit union has the final say on claims.
- A great member experience at every phase of use.
- Fully collateralized. Positive effect on LTV & offsets risk.
- Your CU earns 100% of the underwriting profits.
Talk to your current vendor. Yes, right now. We’ll wait. Did they say this was “unsustainable” or “not profitable”? Or did they explain that it’s possible, but only if the rates to your members were higher?
You trust your provider. We understand. They’ve done a lot to earn it. And we also get that you’re skeptical. Totally fair. So we’re going to share how this program is possible.
Let’s look at those Underwriting Profits. Recall your insurance products with a profit share each year. Bet you never considered Vehicle Service Contracts as one of them!
Every VSC sold has a fixed portion set into reserve for paying claims. At the end of each year, unused funds typically become part of the provider/administrator’s income stream.
With a typical VSC program, your credit union earns the blue slice. With CU Certified’s 100% Profit Sharing, you also earn the red portion. Yes, that’s more than doubling your non-interest income!
This is possible due to a unique arrangement with the CU Certified servicing administrator. Their revenues are not based on receiving underwriting profits, thus, they’re able to return all of it back to you…while keeping rates on contracts competitive for your members.
CU Certified pays 100% of the underwriting profits back to the credit union. And that can mean real money for your institution.
People are talking about CU Certified:
“The Next Big Idea” Top 10 Finalist – NACUSO 2016
“2018 NACUSO Collaboration & Innovation” New CUSO Award
Endorsed by Cooperative Credit Union Association (NH, MA, RI and DE), CT Credit Union League, Association of Vermont Credit Unions.
“CU Certified increased our ROA by 25 basis points!” Joe Moses – President/CEO Downeast Credit Union
Your non-interest VSC income can double…or more. Might we have 15 minutes to explain how?