Over the years, we have looked at insurance companies and your credit union forms, since there are still some credit unions relying on their insurance company to supply this essential part of your business. So we are going to help by collecting three of our blog posts that went into this topic, so you can see why using a company like Oak Tree is preferable to using such workarounds.
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 us explain:
Use Oak Tree 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 Oak Tree 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 Oak Tree Business Systems, Inc. A compliance issue involving lending forms 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 Oak Tree Forms Help
All Oak Tree forms follow state and federal guidelines. We work diligently to make sure that each regulatory measure is met and is constantly in compliance. This means you always have the most accurate, up-to-date lending forms 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, and 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 for you to find or fill out forms. Form options from Oak Tree make you look great.
Finally, we are one of the few in the industry that offer 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 Oak Tree 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, Oak Tree Business Systems, Inc. will remain. No matter what challenges the industry may face, we stand 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.
Insurance Integration for Lending Docs
Credit Union Lending Documents and Insurance Integration
You might be aware that Oak Tree has provided quality-compliant forms for almost 40 years. However, are you aware of what we do with insurance carriers? It’s a win-win for your credit union and your members. Oak Tree has great insurance integration for lending docs from credit unions. Here’s why:
Oak Tree has a one-of-a-kind relationship with credit union Insurance Carriers, which allows credit unions to pick and choose which provider they prefer. Without being tied down to any particular insurance carrier, credit unions have the freedom to partner with the Insurance Carriers that provide their credit unions with the best product fit. This gives us a national scope regarding insurance and allows us to provide the best in form customization in the industry.
While information given at these conferences is sure to keep you in the loop and up to date with current industry trends, remember one thing: All credit union forms and lending documents offering insurance must be compliant. This is where Oak Tree Business Systems, Inc. comes in and makes our partnership with insurance carriers so valuable. All of Oak Tree’s forms are current and up-to-date with respect to state and federal regulations, which ensures that when your members mark the “check box” and affix their signatures to the election field, they have done so in a manner that conforms to all applicable regulations. Choosing Oak Tree Business Systems, Inc. as your forms provider in partnership with your choice of insurance carrier safeguards your credit union from compliance issues.
Furthermore, our partnership with credit union insurance carriers keeps you one step ahead of the game. Pairing our forms solution presented insurance offerings in an easy-to-read and clear manner, encouraging your members to opt into these insurance benefits. This allows your credit union to benefit from non-interest income. It is a marriage of trust and efficiency.
If you have questions about compliance or forms integration in regard to insurance carriers, contact us by emailing us at ClientServices@OakTreeBiz.com. We will work with you to answer any questions and come up with a viable solution for your credit union.
And then we also want to bring up a relevant post we have in the Credit Union Times that is still as relevant today as it was when it was published:
Credit Unions Keep Insurance Separate
In a commentary article posted on Credit Union Times, our CEO, Richard Gallagher, discusses why credit unions should keep their forms separate from their insurance. Trust your forms to the forms specialist and the insurance to the insurance specialist. Credit Unions keep insurance separate from your forms.
In 2016, the net premium written by the U.S. credit insurance industry amounted to approximately 1.1 billion U.S. dollars. Now that’s a lot of money. How many of those dollars were actually used to subsidize the cost of your forms?
Let’s be real about the situation. In many cases (perhaps even a majority-plus), you might be offered what may appear as a “bargain” for your forms when bundled with you offering their insurance to your members. It’s likely you’ll find those very same forms unavailable without the insurance. Why? Because often the insurance premiums you’re collecting on behalf of the carrier are being used to offset the cost of the forms.
Richard Gallagher
To read more about how your credit union can stay compliant and improve its future, go check out the CU Times article, and then check out our lending documents for your credit union.
