Fairwinds

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