Innovative embedded insurance strategy offers enhanced protection for the credit union's indirect auto lending
MADISON, Wis. – Committed to safeguarding its members in their times of need, Santa Rosa, Calif.-based Community First Credit Union announced today it has partnered with TruStageTM, a financially strong insurance, investment and technology provider, to integrate its Payment Guard embedded insurance strategy into the credit union’s indirect auto loan channel. With the implementation of this innovative strategy, its members could be protected during disruptive life events, such as involuntary job loss or disability.
Founded over 60 years ago and recently voted "Best Credit Union" by NorthBay biz, CFCU currently serves over 60,000 members across five Northern California counties, including Sonoma, Napa, Lake, Mendocino and Marin. With a high concentration of indirect auto loans throughout its portfolio, CFCU implemented TruStage's Payment Guard embedded insurance solution to help provide an additional layer of financial protection against unforeseen life events for its members.
“Community First continues to make unwavering commitments to our community and the members we serve by offering products and services that support our members in their greatest time of need,” said Cary Shumway, Chief Lending Officer of Community First Credit Union. “TruStage Payment Guard allows us to offer our members the coverage they need when life happens.”
CFCU hopes the partnership yields significant economic value, including reduced auto loan delinquencies and a positive impact on its allowance for credit loss. Additionally, TruStage’s impact on the financial health of members could add enhanced value to CFCU’s membership proposition, increasing member engagement and expanding the range of services, while further strengthening these relationships.
“CFCU continues to demonstrate a commitment to serving its members in their time of need. We are excited to partner with them to further support this critical mission," said Danielle Sesko, Director of Product Management at TruStage. "Our Payment Guard solution not only safeguards members during life’s unforeseen challenges but also help strengthen the credit union’s financial resilience. Together, we are advancing the financial well-being of the members they serve both today and in the future."
To learn more about TruStage™ Payment Guard, click here.
Community First Credit Union (CFCU) is a not-for-profit financial cooperative founded by local teachers in 1959. It now serves more than 60,000 local member-owners throughout the North Bay of California in Sonoma, Lake, Marin, Mendocino and Napa counties. CFCU is $824 million in assets and has provided over $4 billion in local home and car loans since its inception. Visit comfirstcu.org for more information.
About TruStage™
TruStage™ is a financially strong insurance, investment, and technology provider, built on the philosophy of people helping people. We believe a brighter financial future should be accessible to everyone, and our products and solutions help people confidently make financial decisions that work for them at every stage of life. With a culture rooted and focused on creating a more equitable society and financial system, we are deeply committed to giving back to our communities to improve the lives of those we serve. For more information, visit www.trustage.com.
TruStage Payment Guard
TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705.
TruStage™ is the marketing name for TruStage Financial Group, Inc. its subsidiaries and affiliates. Securities distributed by CUNA Brokerage Services, Inc., member FINRA/ SIPC, a registered broker/dealer, 2000 Heritage Way, Waverly, IA, 50677. Investment and insurance products are not federally insured, may involve investment risk, may lose value and are not obligations of or guaranteed by any depository or lending institution. All guarantees are based on the claims paying ability of the underwriting company. Insurance products are issued by CMFG Life Insurance Company, MEMBERS Life Insurance Company, CUMIS Insurance Society Inc., CUMIS Specialty Insurance Company Inc., American Memorial Life Insurance Company, and Union Security Insurance Company.
America’s Best Insurance Companies 2024 scores were based on the responses of 15k consumers in categories: overall recommendation, satisfaction, loyalty, advice, customer service, price/performance, transparency, digital services and damage/benefit service. This award is based an independent survey of 3,200+ companies. TruStage’s Permanent Life Product, underwritten by CMFG Life Insurance Company ranked #9 in the Permanent Life Category.
PGI-7031155.1-0924-1026
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