ASAPP Financial Technology and the CUMIS Group Limited (wholly-owned by Co-Operators) have executed an agreement that will provide numerous CUMIS creditor insurance products to existing and prospective credit union members. Through this strategic delivery partnership, these products will be made available through the ASAPP omni-channel account and loan origination solution.
For current ASAPP and CUMIS customers, the integration of CUMIS insurance (in-line during the ASAPP application process) will be a first. This will allow members to apply for and purchase creditor insurance as part of their loan application anywhere, anytime and from any device.
CUMIS is the leading provider of insurance-related products and services to the Canadian credit union system. By partnering with CUMIS, credit unions can offer their members various types of insurance, including credit and mortgage protection, life, disability and critical illness, home, auto, travel and employee benefits.
Through its partnership with ASAPP, CUMIS creditor insurance will be offered through a core-banking-system integrated omni-channel experience for the first time. This will be of significant value to credit union members and staff, as leveraging the ASAPP lending module integrated with the Fiserv DNA core banking system transforms creditor insurance integration into a seamless experience.
As “fintech” and “insuretech” trends and solutions continue to evolve, Canadians are expecting more options presented in a simple, convenient and easy-to-understand manner. In conjunction with Steinbach Credit Union, CUMIS and ASAPP expect to launch the new offering late Spring 2019, or early this Summer.
“CUMIS and ASAPP have been working closely for the past year to plan and build the right solution for our joint credit union Client-Partners as part of both CUMIS and ASAPP’s vision of supporting their customers omni-channel banking needs”, says JR Pierman, President, ASAPP Financial Technology. “We are excited that CUMIS insurance integration will be a part of our upcoming ASAPP 8.5 release and our future Omni-Channel Customer Experience Platform (ASAPP OXP). This integration will allow our credit union Client-Partners to drive an improved member experience and realize a substantial return on their technology investment.”
Steinbach Credit Union, which is currently in the process of adding ASAPP’s omni-channel lending capabilities to its existing use of ASAPP’s omni-channel account origination, is participating directly in the project and will be the first credit union to launch the solution. “Leveraging our existing experience with ASAPP, we are very pleased to be the first credit union in Canada that will be able to offer CUMIS creditor insurance in this way,” says Celina Philpot, Steinbach’s Executive Vice President, Member Engagement and Brand.“The integration with our core banking system was critical to ensure we also achieve an efficient team experience and deliver an exceptional member service experience..”
Kelly Tryon, VP Creditor Insurance for CUMIS, adds, “CUMIS is always seeking innovative solutions to support our customers’ strategies. Whether through products, new delivery channels or strategic alliances. The partnership with ASAPP and the delivery channel offering we are building together is another great example of this vision brought to life.”
ASAPP delivers Canada’s most complete omni-channel account and loan origination solution for retail and small business banking. ASAPP has been developed by industry professionals including digital marketing, banking, compliance, analytics and technology experts that have ensured every last detail has been covered. For more information, visit asappbanking.com.
About Steinbach Credit Union:
Founded in 1941, Steinbach Credit Union is Manitoba's largest credit union and the 7th largest credit union in Canada, with over $6 billion in total assets. SCU offers a full scope of banking services, from daily chequing and savings accounts to mortgages, investments, and agricultural and commercial loans. It operates three branches (one in Steinbach and two in Winnipeg), and serves over 91,000 members and 413 employees. For more information, visit scu.mb.ca
About Co-Operators and CUMIS:
The Co-operators Group Limited is a Canadian co-operative with more than $48 billion in assets under administration. In addition to wealth management products, The Co-operators offers home, auto, life, group, travel, commercial and farm insurance. The Co-operators is well known for its community involvement and its commitment to sustainability and is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights' Best 50 Corporate Citizens in Canada. The CUMIS Group Limited (CUMIS), which is owned by Co-operators Life Insurance Company, partners with credit unions to deliver competitive insurance and financial solutions. As the leading provider of insurance-related products and services to the Canadian credit union system, CUMIS serves approximately 380 credit unions, with a total of more than five million members.
President ASAPP Financial Technology
Executive Vice President, Member Engagement and Brand
Steinbach Credit Union
Vice President Creditor Insurance
The CUMIS Group Limited
P 905 631-4985