In a recent Credit Union Times Expert Opinion Column, Why Credit Unions Should Keep Forms & Insurance Seperate, Oak Tree's CEO talks about the analysis of why credit unions should leave their forms to the form experts and insurance to the insurance company. Here is an excerpt from the article:
"In 2016, the net premium written by the U.S. credit insurance amounted to approximately 1.1 billion U.S. dollars. Now that’s A LOT of money. How many of those dollars were actually used to subsidize the cost of your forms?
Let’s be real about the situation. In many cases (perhaps even a majority, plus), you might be offered what may appear as a “bargain” for your forms when bundled with you offering their insurance to your members. It’s likely you’ll find those very same forms unavailable without the insurance. Why? Because often the insurance premiums you’re collecting on behalf of the carrier are being used to offset the cost of the forms."
To continue reading, head over to Credit Union Times website HERE.