CUNA Signs Seven New Building Socities
In the hotly contested UK insurance market, CUNA Mutual Group has signed up seven new Building Societies in the last year to distribute its products including MPPI and Life.
This represents a significant entry into the UK Building Society Market which currently contains (51) Building Societies. These new additions to the CUNA Mutual Group family, have contributed to a 7% revenue growth for the company during the 2009/10 financial year, despite the financial crisis and recession. This increase in Building Society interest has been fuelled by two major factors:
The first was the 2009 launch of two signature products that are simplifying the insurance market, Mortgage Payment Protection Insurance and Family Life+, unlike traditional life insurance policies offers immediate financial payout enabling bereavement costs to be covered.
The second is the level of existing business conversion that CUNA Mutual Group is able to achieve – approximately 90%. This is much higher than the industry average and means the Building Societies can make the switch with minimal disruption to their loyal customer base.
These changes are continuing to turn the heads of a growing number of Building Societies cementing CUNA Mutual Group’s position as the number of one provider of financial services to mutual associations in the UK & Ireland.
CUNA Mutual Group’s ever increasing client base in the UK include: Furness, Melton Mowbray, Progressive, Saffron, Scottish and Vernon Building Societies, says the insurer.
CEO of CUNA Mutual Group Paul Walsh says; “In a very competitive and volatile market building societies are looking for bespoke products that fit with their market. More importantly, they are seeking insurance partners that add real value, to their members and their business. We are able to offer this service very cost effectively and we also bring to our customers 75 years of worldwide experience. As a mutual, we’ve been able to grow by investing for the long term. Our partners like the ease of doing business with CUNA Mutual due to our ability to remain true to our mutual ethos. That’s why more Building Societies have chosen CUNA Mutual, and we see this trend increasing throughout 2010.”