The
expanded marketing program will help credit unions connect beyond the traditional
loan officer transaction through targeted email marketing, social media digital
ads and direct mail. The program also provides the ability to co-brand the
consumer-facing platform that helps members research, compare and purchase
extended service protection plans.
Earlier
this year, ForeverCar and CUNA Mutual Group partnered with Neighbors Federal
Credit Union, headquartered in Baton Rouge, La., to pilot the new marketing
program to help the credit union identify members who were in need of extended
coverage for auto repair costs. The credit union reported the new program
increased its MRC sales by 128 percent compared to 2016 sales.1
“The new
MRC post-loan program expanded our reach to more members, helping them limit
the cost of repairs,” said Marc Walls, vice president for consumer lending,
Neighbors Federal Credit Union. “It took minimal staff time to get this channel
up and running quickly, and our initial campaign results have been better than
expected.”
ForeverCar
was one the first InsurTech investments for CMFG Ventures, the venture capital entity
of CUNA Mutual Group. CMFG Ventures actively engages and evaluates startup
investments in data and analytics, consumer lending and asset protection
technology, and advanced mobile channels that best support credit unions in
serving their members with new and innovative technology products and services.
