Transforming Insurance Solutions Through Partnership: The Story Behind CUFG and Sure’s SimpleQuote

Introduction

CUFG and Sure have formed a partnership to introduce SimpleQuote, a new insurance platform that has been specifically designed for credit union members.

The credit union sector is presently undergoing a significant transformation, particularly in its adoption of digital technology. Credit unions have historically been perceived as being behind in the adoption of digital solutions; however, they are currently making substantial strides in this regard. SimpleQuote, a digital insurance platform developed by the insurance technology company Sure in collaboration with CU Financial Group (CUFG), is a notable example of this trend.

This development is especially pertinent for credit unions, which have been subjected to significant pressure to digitize their offerings in response to the Covid-19 pandemic. Credit unions have observed a rise in the comfort and preference of members for digital services, as traditional, in-person branch interactions have become less frequent. Some members have even expressed a reluctance to return to pre-pandemic methods of transacting financial business.

The high satisfaction levels reported by consumers who partake in digital insurance services are indicative of the beneficial effects of the digital shift. The convenience and efficiency of online transactions were disclosed by the forced adoption of digital services during the pandemic, which parallels the broader trend. This consumer behavior is indicative of this. By collaborating with Sure, CUFG is capitalizing on this change in consumer behavior to potentially enhance brand loyalty by maintaining insurance services within the credit union ecosystem. This will provide members with a more efficient option that was previously unavailable. SimpleQuote’s initial concentration is on motor insurance, which serves as the beginning of a more comprehensive strategy by CUFG to provide a diverse array of digital insurance services. The platform integrates CUFG’s robust presence in the credit union market with Sure’s advanced technology and extensive carrier network.

A critical component of this partnership is the resolution of the previously fragmented and burdensome process of purchasing insurance through credit unions. SimpleQuote streamlines this process by allowing members to obtain insurance directly through their credit union’s digital platforms.

Read: Top 10 Financial Software Solutions

Industry Comments

“The first-mover advantage is real, and CUFG is helping to lead credit unions into the future of digital insurance with SimpleQuote” Wayne Slavin, Sure’s Co-founder and CEO.

Christian Marrder, Vice President of Sales and Operations at CUFG, stresses the strategic importance of this innovation: “Our network of credit unions looks to us to tailor their insurance programmes to fit their individual member needs. What we were lacking was the technology and distribution platform to remove the friction from this experience and offer the first fully digital insurance experience ever available to credit union members.” “Sure is enabling us to change the way insurance is distributed – digitally and at the precise moment of need,” Christian adds, underlining the transformative impact of the platform.

Read: Transform Your B2B Strategy with Innovative Invoicing Solutions

FAQs

1. What is SimpleQuote, and how does it benefit credit union members?
SimpleQuote is a digital insurance platform developed by Sure in partnership with CU Financial Group (CUFG). It enables credit union members to purchase insurance directly through their credit union’s digital channels, streamlining the process that was previously fragmented. Starting with motor insurance, SimpleQuote aims to provide a more convenient and efficient insurance experience, increasing member satisfaction and loyalty.

2. How does SimpleQuote address challenges in the credit union sector?
Credit unions have traditionally lagged in digital adoption, facing pressure to modernize post-COVID. SimpleQuote responds to this challenge by offering a digital-first insurance platform. It not only caters to members’ growing preference for online services but also integrates insurance into the credit union ecosystem, reducing reliance on external providers and enhancing the member experience.

3. Why is the partnership between Sure and CUFG significant?
The partnership combines Sure’s cutting-edge insurance technology and extensive carrier network with CUFG’s established market presence. This collaboration allows credit unions to offer competitive digital insurance services, aligning with evolving member expectations and reinforcing their relevance in a digital-first financial landscape.

4. What is the future vision for SimpleQuote?
SimpleQuote plans to expand beyond motor insurance to include a range of digital insurance services. This strategic growth aligns with CUFG’s goal to enhance member offerings, providing a comprehensive suite of insurance products through a seamless digital experience. This expansion supports credit unions in retaining members within their ecosystem and meeting diverse insurance needs efficiently.

Conclusion

The launch of SimpleQuote marks a pivotal moment in the digital transformation of the credit union sector. Developed by Sure in collaboration with CU Financial Group, this innovative platform addresses the growing demand for seamless, digital-first insurance solutions. By simplifying the traditionally fragmented insurance purchasing process, SimpleQuote empowers credit unions to retain their members within their ecosystem, fostering stronger brand loyalty and enhancing member satisfaction.

This partnership exemplifies the shift in consumer behavior accelerated by the COVID-19 pandemic. As in-person interactions declined, members grew accustomed to the convenience and efficiency of digital services. SimpleQuote capitalizes on this trend, offering motor insurance as its initial focus, with plans to expand to other insurance products.

By combining Sure’s technological expertise with CUFG’s strong foothold in the credit union market, SimpleQuote ensures credit unions stay competitive in the evolving financial landscape. It not only modernizes their service offerings but also reinforces their relevance to digitally-savvy members. As credit unions continue to embrace innovation, platforms like SimpleQuote will play a vital role in shaping the future of financial services, ensuring members’ needs are met in an increasingly digital world.

Read: AI in Insurance