Credit Unions Changing Insurance Carriers
Credit Unions Changing Insurance Carriers

If you’ve been keeping up with the news, you might have noticed that certain insurance carriers are leaving the credit union market. Transamerica was the first to make the announcement, and others are sure to follow suit. This is certain to create waves. Changing insurance carriers is a big deal after all. There is a lot involved, and the process can be daunting. While this might affect some credit unions, causing much stress and mild panic, it will not affect you. By using forms from Oak Tree Business Systems, Inc., you are protected. Credit Unions Changing Insurance Carriers also have options.

Let me explain:

Use and Transition with Confidence

The key is compliance. When a credit union decides to switch insurance carriers, or in this case, has to switch insurance carriers, they can do so confidently with Oak Tree. Our forms are always up to date and compliant. They will easily translate through the insurance carrier transition because they can be customized with the information you need. This makes forms easy to work with. You can customize them to work with your current insurance carrier or any insurance carrier you may choose to work with in the future.

The freedom to customize your forms to be used with your insurance carrier, or switch insurance carriers and continue using the same lending forms, is one of the advantages of using forms from Business Systems, Inc. A compliance issue involving should not be the deciding factor when it comes to switching insurance providers. No, on the contrary, it should be the least of concerns. Things like benefits, coverage, and discounts should be the determinants.

How Forms Help

All forms follow state and federal guidelines. We work diligently to make sure that each regulatory measure is met and constantly in compliance. This means you always have the most accurate, up-to-date and disclosure notices at your disposal. And yes, we can keep up with the changes. We deal with the changes occurring on a state and federal level every day and make sure the appropriate language is printed on your forms. The constant barrage of regulatory changes is more than enough to drive any compliance expert crazy. At Oak Tree, we do the work for you so you don’t have to think about it.

Furthermore, our other services dovetail nicely and promote the most efficient access to our compliant forms. For instance, we offer data linking in-house for many data processors, our forms are linked directly to your system. This provides ease of use, cost savings, and convenience – not to mention efficiency! We also provide electronically generated forms. The fact that they are electronically generated means they are the most current, up-to-date, compliant version on hand. We have laser-generated forms as well, for those instances where you need to customize certain items and require the capability to print them on demand.

Having different form options is convenient, efficient, and necessary. They speed up the process of doing business, which helps promote healthy customer relationships. It also helps you put your best foot forward regarding presentation, since customers are not waiting on you to find or fill out forms. Form options from make you look great.

Finally, we are one of the few in the industry that offers compliance support and training. This may not seem like much of an offering the first time you need forms, yet, wait until something happens, like a visit from an examiner. The support and training from are invaluable at that moment. Also, transitioning from one carrier to another can be very stressful, and there can be a tendency for details to fall through the cracks. However, unlike most instances in life where missed details rarely make a big impact; when it comes to forming compliance, details are everything. One missed clause or omitted disclosure statement can spell big trouble for your credit union. Our compliance support and training will make sure you transition your forms with ease.

So, while insurance carriers may come and go, Business Systems, Inc. will remain. No matter what challenges the industry may face, we stand at the ready to provide you with the best compliant forms available on the market. With that variable out of the equation, you can focus and choose the best insurance carrier to meet your credit union’s needs. Credit Unions changing insurance carriers is not a problem for Oak Tree.

(note: this is an older blog entry and has been edited since originally posted.)