How CUFG & Sure Joined Forces to Launch SimpleQuote
The credit union sector is currently experiencing a major transformation, particularly in how it embraces digital technology. Traditionally seen as trailing behind in adopting digital solutions, credit unions are now making significant advances in this area.
A notable manifestation of this trend is the creation of SimpleQuote, a digital insurance platform developed by the insurance technology company Sure, in partnership with CU Financial Group (CUFG).
This development is particularly timely for credit unions, which have been under considerable pressure to digitalise their offerings in the wake of the Covid-19 pandemic.
“The first-mover advantage is real, and CUFG is helping to lead credit unions into the future of digital insurance with SimpleQuote”
With traditional, in-person branch interactions becoming less frequent, credit unions have noted an increase in members' comfort and preference for digital services, even showing a reluctance to revert to pre-pandemic methods of transacting financial business.
The digital shift is proving beneficial, as evidenced by the high satisfaction levels reported by consumers who engage in digital insurance services. This consumer behaviour mirrors the broader trend seen during the pandemic, where the forced adoption of digital services revealed the convenience and efficiency of online transactions.
By teaming up with Sure, CUFG is leveraging this shift in consumer behaviour to potentially increase brand loyalty by keeping insurance services within the credit union ecosystem, thereby providing members with a streamlined option they previously lacked.
From Traditional to Technological
SimpleQuote initially focuses on motor insurance, marking the start of a broader plan by CUFG to offer a variety of digital insurance services. The platform combines Sure's advanced technology and extensive carrier network with CUFG's strong presence in the credit union market.
"The first-mover advantage is real, and CUFG is helping to lead credit unions into the future of digital insurance with SimpleQuote," states Wayne Slavin, Co-founder and CEO of Sure.
Enhancing the Member Experience
A key aspect of this partnership is addressing the previously fragmented and cumbersome process involved in purchasing insurance through credit unions. SimpleQuote simplifies this experience, enabling members to secure insurance directly via their credit union's digital channels.
Christian Marrder, Vice President of Sales and Operations at CUFG, stresses the strategic importance of this innovation: "Our network of credit unions looks to us to tailor their insurance programmes to fit their individual member needs. What we were lacking was the technology and distribution platform to remove the friction from this experience and offer the first fully digital insurance experience ever available to credit union members."
The alliance is reflective of a wider trend within financial services, where traditional institutions are progressively partnering with technology providers to boost their digital capabilities. For credit unions, which often compete with large banks and fintech companies, such collaborations are critical to maintain relevance and meet member expectations.
"Sure is enabling us to change the way insurance is distributed – digitally and at the precise moment of need," Christian adds, underlining the transformative impact of the platform.
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