Illuminating Member Service with Lending Solutions Inc.
CU Insurance Solutions is pleased to announce our partnership with Lending Solutions Incorporated (LSI), an innovative company helping credit unions grow their loan volume while serving their members more efficiently. LSI provides customized programs that act as an extension of your credit union by serving your members beyond traditional business hours to stay competitive in today’s demanding service environment.
You may remember Lending Solutions Consulting, Inc. (LSCI) as the company behind the educational services that CU Insurance Solutions has facilitated for the past three years with our semi-annual University of Lending school initiatives with guest speaker, Ed Swanson. Their sister company, LSI, was founded by Rex Johnson and provides services that put into practice the philosophies and teachings that he, along with Ed and his other consultants, have been teaching to credit unions across the country.
Illuminating Your Member Service Needs
Lending Solutions provides a full suite of services to facilitate consumer lending, mortgage origination & processing, collections, and member service transactions including:
- 24/7 Loan-by-Phone
- Internet Lending
- Indirect Underwriting
- Outbound Services
- 24/7 Financial Service Transactions
- Mortgage Origination & Processing
- Collections Outsourcing
Whether you need support in the areas of lending, member service, or collections, LSI has a solution to meet the unique needs of your credit union. To find out more about Lending Solutions Inc. and the services they provide, check out the video link below for a brief company overview from Rex Johnson or visit their website.
Watch Video
Visit Website
For more information, contact CU Insurance Solutions Senior Account Executive, Tim Dalton, at tdalton@insurancetrust.us or complete the contact form below.
Newsletter Signup
Gearing Up for the 2016 Special Olympics Maine Winter Games
November is here, which means the Special Olympics Maine Winter Games are just around the corner. The Winter Games will be taking place at Sugarloaf Ski Resort in Carrabassett Valley, ME from January 31 through February 2, 2016.
CU Insurance Solutions will be reaching out very soon to Maine credit unions for volunteers to help make the event a success. There are many opportunities to volunteer; from preparing and serving meals and snacks to coaching and assisting the athletes during the various events. All help is welcomed and appreciated and the experience will give back more smiles, hugs, and laughter than time and money could ever buy.
Scarf Project 2016
Special Olympics Maine is reaching out to knitters (and to those of you who crochet) everywhere to help with the 2016 Scarf Project. We are hoping to have 600 scarves donated in time for the 2016 Special Olympics Maine State Winter Games at the end of January…enough so that every athlete will have a scarf for their winter competition…and possibly every volunteer and coach as well.
This year’s color scheme is:
Red Heart Super Saver:
CHERRY RED 0319
WHITE 0311
The design/pattern is totally up to you. Be creative…have fun with it. (The majority of our athletes are teens & adults) If you more experienced knitters want to incorporate the Play Unified ball or the words “Play Unified” that would be a bonus as our theme for 2016 is “Play Unified Live Unified”. But certainly, no worries at all if you can’t.
Scarves can be mailed/delivered to:
Attn: Katheryn Wildes C/0 Trinity Lutheran Church
612 Main St, Westbrook, ME 04092.
For more information please call: 207-929-6237
Scarf Project Flyer
Department of Labor Expected to Audit Employee Benefits Plans
CU Insurance Solutions has heard from several sources that the US Department of Labor is expected to audit the employee benefits plans of every group subject to ERISA in the next 5 years with a focus on groups under 50. ERISA is the Employee Retirement Income Security Act of 1974 but the name is deceptive. Much of what is required under ERISA guidelines relates to current employees.
The Employee Retirement Income Security Act
The Employee Retirement Income Security Act is a federal law that sets minimum standards for most voluntarily established pension and health plans in private industry to provide protection for individuals in these plans.
ERISA requires plans to provide participants with plan information regarding plan features and funding; provides fiduciary responsibilities for those who manage and control plan assets; requires plans to establish a grievance and appeals process for participants to get benefits from their plans; and gives participants the right to sue for benefits and breaches of fiduciary duty.
Source: http://www.dol.gov/
Our goal is to provide you with resources to meet your compliance needs. Contact us to learn more about our DOL Audit Guide and employee benefits compliance training resources.
Learn more about ERISA
Subscribe to the DOL Newsletter
As always, please let me know if you have any questions regarding the Affordable Care Act.
Elizabeth Ingram
Account Manager, Employee Benefits
CU Insurance Solutions
Phone: 800-287-3379 x 312
info@insurancetrust.us
ACA Update – Preventive Health Screenings
As we move into the fourth quarter with renewals and cold season, there tends to be an uptick in questions regarding recommended preventative health screenings. The below website from the independent U.S. Preventive Services Task Force allows people to search for recommended screenings based on age, gender, and tobacco use. Screenings with A and B grades are recommended and are often covered as preventive care. Screenings with C and I (insufficient information) are neither recommended nor discouraged. Screenings with a D grade are discouraged on the grounds that they may cause harm.
Search for Recommendations
Preventive Services Apps
As always, please let me know if you have any questions regarding the Affordable Care Act.
Elizabeth Ingram
Account Manager, Employee Benefits
CU Insurance Solutions
Phone: 800-287-3379 x 312
info@insurancetrust.us
Trust Tip – What we can learn from superheroes
Superheroes have been around in pop-culture for years. Although they are fictional cartoon characters, there are many lessons we can learn from them. Without transforming into Batman, Superman, Wonder Woman, or Spiderman, you can certainly learn how to capitalize on strengths and apply these strengths in many situations ranging from communication to customer service, to set backs and moving forward toward reaching goals.
Superheroes were first created as motivational characters dedicated to protecting the public from crooks, robbers, and villains. They stood by strong moral codes, risking their lives for the innocent. Almost all superheroes have a weakness, or have faced challenges and adversity. What makes them superheroes is their ability to overcome adversity and succeed when it seems impossible. Let’s take a closer look at our four previously mentioned superheroes and see what lessons we can learn.
Superman
Born on the planet Krypton, was sent to Earth with superpowers. He understands diversity- what it’s like to be different. He fits in by using his bravery and by being kindhearted. He listens intently to get clarity on issues. This gives him the ability to resolve problems. He is aware of his weakness (kryptonite!), and always has a plan for when he might be faced with this challenge.
Lessons learned: Know your weakness, create a plan in advance for when you are faced with it. Remain kindhearted, while focusing on listening and understanding others.
Batman
On the other hand, Batman was not born with any “super powers”. As a child, he witnessed the murder of his parents. As a result he dedicated his life to fighting crime. He’s the classic self-starter. Batman makes use of technology, and detective skills get to the root cause of problems. He also has an amazing network and knows how and when to reach out for help.
Lessons learned: Commit to developing yourself. Dig deep to find answers; things aren’t always what they seem. Develop a network of people who are supportive and can help you find answers you need.
Wonder Woman
Wonder Woman was sent to Earth to fight for justice. She is known for her strength in compassion, without discrimination, and letting the truth guide her. She is never afraid when facing a difficult situation. She handles (rather than avoids!) situations with courage, using communication skills to understand people. She is intent on resolving problems while focusing on the best possible outcome.
Lessons learned: Keep in mind a consideration for others. Try to see others’ perspective, work toward resolutions together.
Spiderman
Spiderman is younger than his counterparts, and understands that things don’t always go as planned. He is aware he can always learn from a situation. He’s very flexible – if one method of problem solving doesn’t work, he seeks to find another. As a leader, he’s aware he has a great responsibility to shape and mentor others. He doesn’t seek to blame or find fault when things go wrong, yet prioritizes helping others learn from his mistakes to prevent mistakes from happening again. His motto is “Power doesn’t come from skill, yet it comes from your personal character.”
Lessons learned: Hold onto personal integrity and values and let them be your guide. Don’t give up; there is always another solution.
Information courtesy of the ADVANCE – a bda newsletter Issue 8 2015
An Efficient, Flexible Settlement Solution for Mortgage Lenders
CU Insurance Solutions is pleased to announce our partnership with Alliance, LLC, a collaborative enterprise dedicated to helping credit unions benefit from a collective “buying power”, driving down the cost of mortgage settlement services and creating a more efficient vendor management workflow.
The Alliance software platform is designed to deliver an end-to-end solution for mortgage lenders, from loan application process to closing. The platform provides a robust, yet user-friendly vendor management system helping to eliminate duplicate data entry.
The platform’s online “dashboard” puts you squarely in the driver’s seat, bringing together dozens of nationally recognized vendors and service providers into an easy-to-use, single-point-of-access solution.
From major “name-brand” flood, AVM, PCR and appraisal providers, to national title and closing companies, to specialists in recordings and document preparation – you can customize your selection of service providers at the click of a button.
“CU Insurance Solutions and CUAlliance are excited to strengthen our strategic partnership with Mike Steuer and his team to offer this tremendous resource to our credit union clients throughout Maine and New England. The Alliance platform will provide our credit union partners with a streamlined mortgage processing solution, making it easier and more cost-effective to serve their members’ mortgage needs”. David Baird – President/CEO CU Insurance Solutions
The platform is designed to work well for credit unions of any size and offers the potential to generate revenue in the form of profit participation.
Listen to a recent Podcast with Mike Steuer about the Alliance Platform
Hear Podcast
FAQ
For more information, contact CU Insurance Solutions Senior Account Executive, Tim Dalton, at tdalton@insurancetrust.us or complete the contact form below.
Newsletter Signup
CU Survivor Challenge Highlights
Our first ever CU Survivor Challenge event took place on Saturday August 1, 2015 at Maine Forest Yurts “Survivor Camp” in Durham, ME where 8 of our local credit union clients were chosen following our 4 month GAP Insurance contest to compete in a series of fun challenges to determine which “Credit Union Castaway” would win the grand prize of a weekend stay on Chebeague Island, Casco Bay, Maine. VIEW PHOTO GALLERY
The Tribes
The challenges were led by our team captains:
Blue Tribe – Led by Dan Foley, (Maine’s participant on this season’s Survivor Reality Show), with tribe members: Marianne Wise of Rainbow FCU, Maegen Austin of Oxford FCU, Robin Smith of Winslow Community FCU and Sarah Rivera from Tremont FCU.
Orange Tribe – Led by Bob Crowley, (2008 Survivor Winner from Maine), with tribe members: Heidi MacArthur of Midcoast FCU, Patty Kenney of Casco FCU, Jennifer King of New Dimensions FCU and Chris Parish of York County FCU.
The day began with an impressive parade of all the Credit Union ‘Castaways’ holding individual tiki torches to the area where all the challenge were held. After four “Tribe Teamwork” challenges, the BLUE team held a one point lead.
In the second half of the day, all the ‘Castaways’ competed on their own . Five of them were eliminated in the next three challenges resulting in 3 finalists, Sarah Rivera, Robin Smith and Chris Parish. At the final Tribal Council, the five who were eliminated were asked to vote for one of the finalists. In a very close vote, Chris Parish won and received the Grand Prize of a Fall weekend at a cottage on Chebeague Island. So, in essence, he actually got voted ONTO the island.
Each ‘Castaway’ was applauded numerous times during the competition and received a handsome plaque noting their participation in this fun and memorable event.
A special thanks goes out to the following sponsors for helping to make this event a success:
Frost, Transamerica, Tricorp FCU, Mainely Pig Roast, Expose Design
Trust Tip – Enthusiasm Sells!
Someone once said that closing is 70% enthusiasm. How could that be? What about product knowledge, persistence, and all of those closing techniques? Yes, they are important. But without enthusiasm, they have little power. They are like the car and enthusiasm is the gas. Nothing gives gusto to your presentation like sincere enthusiasm.
After all, selling, at its heart, is nothing more than a transferal of feeling. Successful sales professionals are able to get their prospect to have the same feeling about their product, the same product conviction, and the same kind of enthusiasm about the product as they themselves do. After all, if you’re not enthusiastic about your product, who will be?
Action Steps
- Nurture your excitement.
- Show your enthusiasm.
- Learn everything that you can to boost your own belief and conviction.
- Think about how your product or service helps to enrich people’s lives.
- Write it down and look at it daily.
- Finally… let your excitement show.
“Enthusiasm spells the difference between mediocrity and accomplishment.”
ACA Update – SSN Carrier Notice & HSA/FSA Resources
1) As a quick note regarding the Affordable Care Act, if your social security number or that of a covered dependent are not on file with your insurance carrier, you will receive a notice from them (if you haven’t already) asking for those numbers. These notices are mailed to individual members not the group, so please let your employees know. These are required as part of the ACA for reporting purposes on the IRS Form 1095-B which carriers will complete for fully insured plans and send to plan members.
2) As many groups offer or are considering offering plans that are compatible with HSAs and FSAs, I thought the below resources might be of use to you and your employees. The 1st two links send you to online stores for purchasing items using an HSA or FSA but also offer other resources and answer many basic questions. The 3rd link allows you to search for HSA, FSA, or HRA eligible products and services and is thus probably the most useful on a day-to-day basis.
HSA Store
FSA Store
Eligible Products Search
As always, please let me know if you have any questions regarding the Affordable Care Act.
Elizabeth Ingram
Account Manager, Employee Benefits
CU Insurance Solutions
Phone: 800-287-3379 x 312
info@insurancetrust.us
How Maine’s New Ridesharing Law Could Affect Your Credit Union
Last Tuesday June 30th, the Maine ridesharing legislation, LD 1379, cleared the House by a vote of 138-1. The Senate voted unanimously for the new regulations to become law.
The new rules in Maine set insurance and safety requirements for ridesharing services such as Uber and Lyft who host a network of independently contracted drivers that pick up fares through a smartphone application. Drivers who use these services will now be subject to the same insurance regulations as anyone who uses their vehicle for commercial use (i.e food delivery drivers, couriers etc.) and will need to purchase a commercial auto or “Livery” policy in order to be adequately covered in the event of an accident.
How could this affect your credit union?
The concern for Maine credit unions is regarding the influence of ridesharing services on members’ personal auto insurance policies and whether or not the credit union collateral is exposed to physical damage or skip risk.
In the event that a member has a credit union financed vehicle that has been physically damaged, and is using their vehicle as an independently contracted taxi through the Uber service or for any other “Livery” (i.e.: the transportation of people, products or services); their personal auto insurance policy would not protect them or the credit union.
There are two ways to provide protection of your collateral for physical damage:
- CPI (Collateral Protection Insurance, i.e. force-placed insurance) that typically protects for physical damage only, or a blanket policy.
- LSI (Lenders Single Interest or Vendors Single Interest) protects for physical damage, skip claims, instruments and non-filings (E&O) and a suite of endorsements.
CU Insurance Solutions has researched this unique issue and has found a commercial endorsement solution. With this endorsement, your credit union can protect your collateral in the event that the primary auto insurance company denied coverage for ANY commercial use (including Uber), as long as the vehicle is under the endorsement weight limit.
We are happy to provide a side by side comparison of the product features and carriers.
If your credit union would like more information regarding this solution, please reach out to Tim Dalton tdalton@insurancetrust.us or complete the contact form below.