Newtek Insurance Agency, a subsidiary of Newtek Business Services Inc. has begun a one year pilot program with Navy Federal Financial Group, a wholly-owned subsidiary of Navy Federal Credit Union, to promote the sale of homeowners’ and business insurance.
Navy Federal is the largest credit union in the nation, with 2.5 million members and more than $25 billion in assets. Newtek Insurance Agency will provide access through its web-based referral system, as well as access to more than 40 property/casualty carriers and all back office administration support required.
Barry Sloane, chairman and CEO of Newtek Business Services Inc., stated, “We are excited to be selected by Navy Federal to help them pilot the distribution of homeowners’ insurance and commercial and business insurance to their 2.5 million members. We look forward to working with Navy Federal to implement our technology platform and create a program that will make available top quality and fairly priced homeowners insurance to existing members as well as new residential mortgage loan borrowers.
“This is Newtek’s first major pilot program by its 48 state insurance agency with one of Newtek’s strategic alliance partners and helps us fulfill one of our goals this year. Navy Federal Credit Union has also previously selected Newtek as an outsourced provider of U.S. government-backed small business lending, greatly enhancing its ability to offer small business loans to its members.”
Newtek Insurance Agency, formerly Financial Keyosk, a majority-owned subsidiary of Newtek Business Services Inc., is an alternative insurance distributor helping financial institutions and agents establish or expand insurance operations.
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