Coverage Direct is Now a Credit Union Service Organization
New CUSO enters credit union arena
News provided byCoverage Direct
May 25, 2022, 9:00 AM ET
CEDAR RAPIDS, Iowa, May 25, 2022 (GLOBE NEWSWIRE) -- Founded in 2016 by Zach Mefferd and Ryan Swalve, Coverage Direct has quickly become a leader in the insurance space, by leveraging insurance technology to provide turnkey digital insurance agencies to credit unions.
Coverage Direct is now partnered with Collins Holding Company, a wholly owned subsidiary of Collins Community Credit Union headquartered in Cedar Rapids, Iowa, and functions as part of Collins Holding Company's family of Credit Union Service Organizations (CUSOs).
"At Coverage Direct, we always aligned with the credit union movement's People Helping People philosophy and pride ourselves with being able to offer cutting-edge technology like the largest insurance agencies, but with the added component of a service team who prioritizes being genuine and caring," said Mefferd. "And now, with this partnership and being a CUSO, that gives us an even better platform to serve the credit union industry."
"Being structured as a CUSO allows greater proceeds to return back to the credit union partners. There are options for credit unions to own their book of business or receive proceeds of the policies placed. It's really the ideal scenario," said Stefanie Rupert, Board Chair of Collins Holding Company and President & CEO of Collins Community Credit Union. "Zach and Ryan piloted a white-label insurance agency, Collins Insurance, that is proving to be successful for both the Credit Union and its members. I look forward to bringing more opportunities and value to the credit union movement with this partnership."
Collins Holding Company (CHC) is a wholly owned subsidiary of Collins Community Credit Union. The vision of CHC is to support credit union growth and innovation by driving solutions for the distinctive challenges credit unions face. Their CUSOs include commercial and small business lending, insurance, prefunded health benefits, executive benefits, investment advisory and real estate.
Mai-Linh Hoang, Collins Holding Company
Vice President, Strategy & Marketing
M: 319-491-7418, E: mhoang@CollinsHC.org
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