BIS Inc., a provider of turnkey insurance agency solutions for financial institutions, has contracted to provide its insurance agency solution to Community Financial Federal Credit Union’s CUSO, the CU Alliance Group, headquartered in Broomfield, Colo.
The Banc Insurance Service’s end-to-end insurance agency solution allows a financial institution to own and operate an integrated insurance agency operation that features a full range of personal and commercial lines insurance coverages from a wide array of nationally recognized insurance carriers. The BIS model can also absorb the book of business of a local insurance agency that a financial institution has acquired but has been unable to manage profitably. The BIS model allows a financial institution to own a complete insurance agency solution without the major capital investment or reputational risks associated with buying a local insurance agency.
“This is a very important milestone for Banc Insurance Services and underscores our commitment to providing superior, cost effective insurance agency solutions to the nation’s premier financial institutions,” Jeffrey Chesky, president and CEO of Banc Insurance Services, said. Chesky noted, “We are particularly excited to have our first client in Colorado, which will support our efforts to expand into Utah and Oklahoma, and deepen our penetration in Texas.”
“This is a significant partnership for Community Financial,” Mike Kerr, president of the new CU Alliance Group Insurance Agency. “Partnering with BIS will allow us to offer our members a full array of insurance products and services featuring the best combination of price, convenience, and selection.” Kerr continued, “The BIS solution will allow us to have a fully operational insurance agency up and operational in just a matter of months, and allow us to own our customer’s insurance policies, and the customer renewals.”
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