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A Case Study of Fairwinds Credit Union’s Groundbreaking Online Insurance Agency (Webinar Handouts)

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Fairwinds Credit Union launched a successful insurance agency, having over 5,000 members visit and shop for insurance online in just 30 days in this recorded webinar with Insuritas and Fairwinds Credit Union. Download the presentation slides at http://www.nafcu.org/insuritas

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A Case Study of Fairwinds Credit Union’s Groundbreaking Online Insurance Agency (Webinar Handouts)

  1. 1. Opening an Insurance Aisle @ Fairwinds CU December- 2011
  2. 2. <ul><li>Jeffrey Chesky </li></ul><ul><ul><li>President & CEO - Insuritas </li></ul></ul><ul><ul><li>Founder, BIS/Insuritas </li></ul></ul><ul><ul><li>Experience </li></ul></ul><ul><ul><ul><li>Fleet, CBT, Bank of New England </li></ul></ul></ul><ul><ul><ul><li>MassMutual </li></ul></ul></ul><ul><ul><li>Contact Information </li></ul></ul><ul><ul><ul><li>[email_address] </li></ul></ul></ul><ul><ul><ul><li>(860) 653-1134 </li></ul></ul></ul><ul><ul><ul><li>www.nafcu.org/insuritas </li></ul></ul></ul>Moderator
  3. 3. <ul><li>Phil Tischer </li></ul><ul><ul><li>Chief Operating Officer </li></ul></ul><ul><li>Fairwinds Credit Union </li></ul><ul><ul><li>$1.5 b in assets </li></ul></ul><ul><ul><li>147,000 members </li></ul></ul><ul><ul><li>Orlando, Florida </li></ul></ul>Executive Panelist Phil Tischer, COO Fairwinds Insurance Agency
  4. 4. <ul><li>Founded:1998, Purchased ‘04 by JHA </li></ul><ul><li>Taken Private 6/08 </li></ul><ul><li>Client Base: Financial Institutions Nationally </li></ul><ul><ul><ul><li>$130 m to $15 b in assets – avg. $2.3 b </li></ul></ul></ul><ul><ul><ul><li>Over 4.2 million households </li></ul></ul></ul><ul><li>Business Model: Two core capabilities </li></ul><ul><ul><ul><li>Install & Operate Start-Up Agencies </li></ul></ul></ul><ul><ul><ul><li>Take over operations or integrate into existing agencies </li></ul></ul></ul><ul><li>Master Agency Operations Center in Hartford, CT </li></ul><ul><ul><ul><li>Process 6,000 leads per month </li></ul></ul></ul><ul><ul><ul><li>Quantum Agency Platform integrates into financial institution operating environment. </li></ul></ul></ul>Insuritas History
  5. 5. 100% of Fairwinds Members Buy Insurance EVERY year <ul><li>100% Members Buy Annually </li></ul><ul><li>Annuitizing Fee Income </li></ul><ul><li>Drives Earnings </li></ul><ul><li>Promotes Retention </li></ul><ul><li>Protects from Incursion </li></ul><ul><li>Expands Wallet Share </li></ul><ul><li>Expands Market Share </li></ul>SPECIALITY THRESHOLD DIFFERENTIATED LOW HIGH HIGH LOW Perceived Added Value Competitive Intensity Middle Mkt. Commercial Standard Personal Small Commercial Large Commercial Sub Standard Personal COMMODITY 80-90%
  6. 6. <ul><li>There are TWO times when Fairwinds members need to talk about insurance </li></ul><ul><ul><li>Loan Requires Insurance </li></ul></ul><ul><ul><li>Renewal Notice in Mail </li></ul></ul><ul><li>There is new place where members are interested in shopping </li></ul><ul><ul><li>On Line Banking & Social Media </li></ul></ul>The Science of Integrating into the ‘Instant of Interest’ Instant of Interest Time Response Rate
  7. 7. The Fairwinds Executive Challenge <ul><li>Decide to own an Insurance Agency </li></ul><ul><li>Decide between Buy, Build, Outsource or Partner with local agency </li></ul><ul><li>Decision to Outsource with Insuritas </li></ul><ul><li>Build a sales & marketing plan focused on tightly managed contact information transmission to agency around member needs </li></ul><ul><li>Leverage the CU’s Brand Equity, online banking and social networking activity </li></ul><ul><li>Utilize sales, carrier relations and ‘backroom’ operations of Insuritas Master Agency </li></ul><ul><li>Provide executive leadership to Fairwinds personnel on agency value proposition </li></ul><ul><li>Manage Capital, Execution & Reputation Risk </li></ul>
  8. 8. Questions for Mr. Tischer <ul><li>Why did you decide to enter the P&C business? </li></ul>
  9. 9. Questions for Mr. Tischer <ul><li>Did you consider purchasing a local agency? </li></ul>
  10. 10. Questions for Mr. Tischer <ul><li>How do you connect members to the agency? – </li></ul>
  11. 11. Questions for Mr. Tischer <ul><li>Do you have goals – and are they important? </li></ul>
  12. 12. Questions for Mr. Tischer <ul><li>Are your customers buying insurance from your agency? </li></ul>
  13. 13. The Technology & Social Networking Challenge – Connecting with Quantum <ul><li>Systematically collect policy expiration dates </li></ul><ul><ul><li>On-boarding </li></ul></ul><ul><ul><li>Online Banking </li></ul></ul><ul><ul><li>On Platform </li></ul></ul><ul><li>Seamlessly offer home insurance quotes during mortgage application </li></ul><ul><ul><li>Quantum Platform integrates DU File into agency system </li></ul></ul><ul><li>Quickly offer auto insurance quotes during consumer loan process </li></ul><ul><ul><li>Quantum Platform integrates consumer loan application into agency system </li></ul></ul><ul><li>Use direct mail and email to communicate to member when they get a bill in the mail </li></ul><ul><ul><li>Direct Mail </li></ul></ul><ul><ul><li>Email </li></ul></ul><ul><ul><li>Online Banking reminder </li></ul></ul>
  14. 14. FAIRWINDS X-Date Collector 24,000 already
  15. 15. FAIRWINDS X-Date on Platform Member Data Member Data
  16. 16. FAIRWINDS Social Media Connection
  17. 17. Leveraging Email & Online
  18. 18. Postcards to the Home
  19. 19. Leveraging Brand & Value
  20. 20. FAIRWINDS On-Line Logout
  21. 21. Quantum @ Work - Mortgages Member Data
  22. 22. Saving Time & Money Delivering Better Service Experience Member Data
  23. 23. Leveraging Quantum – Auto Loans Member Data
  24. 24. Questions for Mr. Tischer <ul><li>How have your crew members accepted insurance as a new product offering and a permanent aisle in the store? </li></ul>
  25. 26. Questions for Mr. Tischer <ul><li>Tell us about the web portal and your members online shopping for insurance. </li></ul>
  26. 27. Your Auto Quote in Minutes
  27. 28. Nation’s First Bind-on-Line
  28. 29. Questions for Mr. Tischer <ul><li>Tell us about the Agency Install – was it effective, were technology and telecommunication links easily integrated? </li></ul>
  29. 30. Questions for Mr. Tischer <ul><li>You are the key executive in charge of the agency – along with all of your other COO responsibilities – a lot of executives on this call wonder about how much time and effort you put into this initiative month over month? </li></ul>
  30. 31. Questions for Mr. Tischer <ul><li>Tell us about the financial reporting, information transmission, and agency activity reporting inside the program? </li></ul>
  31. 32. Questions for Mr. Tischer <ul><li>Any closing thoughts on your decision to open an Insurance Agency Aisle in your store? </li></ul>
  32. 33. <ul><li>Questions & Answers </li></ul><ul><li>Contact Information </li></ul><ul><li>Jeffrey Chesky </li></ul><ul><ul><li>[email_address] </li></ul></ul><ul><ul><li>(860) 653-1134 </li></ul></ul><ul><ul><li>www.nafcu.org/insuritas </li></ul></ul><ul><ul><li>www.insuritas.com </li></ul></ul>

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