Insurance, Predicting Behaviors, And Ohio Credit Unions

Four can't-miss data points featured this week on CreditUnions.com.

This week, CreditUnions.com looks at credit insurance, predicting member behavior, Ohio credit unions, and more.

Here are four data points you can’t miss:

45%

Commonwealth Credit Union offers two different insurance offerings credit life and credit disability as either stand-alone products or joint products.

As of September 2016, Commonwealth Credit Union’s insured loan percentage was slightly lower than 45%. That figure represents individual loan products, not members. So if one member has two loans and one of them is insured, Commonwealth counts that as a 50% rate. And that’s the sweet Commonwealth is aiming for: 50% insured loans.

Learn more about the credit union’s use of credit insurance as an avenue for non-interest income that doesn’t require raising rates or fees read Credit Insurance Underpins NII At Commonwealth Credit Union.

$27.4 billion

In total, Ohio credit unions hold $27.4 billion in assets. Ohio’s credit unions bests those in Michigan, Indiana, and Kentucky when it comes to new auto loan originations. The state performs remarkably well in this market considering 80% of its credit unions have less than $100 million in assets.

See how credit unions in the Buckeye State stack up against regional peers in Ohio Credit Unions.

30%

DCU has created an end-to-end approved-to-funded process whereby it contacts every pre-approval applicant by phone within hours of application. A loan officer asks targeted questions to determine whether the member has an immediate need for financing or if they are just starting the home-buying process. The loan officer is then able to prioritize the request and place it within one of several follow-up buckets.

Results have been impressive. DCU’s year-over-year conversions of pre-approvals to purchase mortgage loans have increased from roughly 15% of applicants to nearly 30%. Learn more about this process and more in How To Make Lending Easy For Members.

136,363

That’s the number of members who belong to Oregon Community Credit union, making it the second largest credit union in the state. These members represent an important resource.

Every time a member opens an account, applies for a loan, or uses a credit union service, data trickles in that credit unions can translate into reports. Those reports, when properly sliced and diced, offer business intelligence that the credit union collects in its data warehouse use to hone strategy and improve member value.

To learn more about Oregon Community’s warehouse, and how the information it collects shapes marketing and saves the institution time and money, read A Way To Predict Member Behavior.

Happy Reading!

October 10, 2016

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