East Windsor, CT June 19, 2019 – On Thursday, June 20, at the NAFCU Annual Conference in New Orleans, LA Founder & CEO, Jeffrey Chesky will unveil America’s first financial institution to achieve a 3-year CAGR of over 100% in non-interest income. With unrelenting pressure on net interest income margin, and market and regulatory pressure on traditional sources of non-interest income – building new structural solutions to grow recurring non-interest income, generated from adding value to the customer, and is non-cyclical, are critical.

“We are delighted to be unveiling our first partner to achieve a 3-year 100%+ CAGR in non-interest income. The results are truly astounding. Non-interest income is critical to every financial institution’s long-term strength, traditional sources of fee income; interchange fees, NSF fees, account and transaction fees, etc. are coming under increased pressure.  Just yesterday, Discover® announced that it is doing away with fees of any kind on its checking, savings, money market, and certificate of deposit accounts. The move is the first for a large bank and comes as smaller online fintechs offer no-fee options and high-yield savings to woo younger and more price-conscious Americans.

The Insuritas ecosystem is reengineering insurance distribution in America; changing the way consumers and small businesses shop, compare and buy insurance – by building a scalable, API based insurance agency ecosystem platform. The platform enables financial institutions to provide a full suite of insurance products and services within their trusted brand.  Currently, Insuritas’ ecosystem provides comprehensive knowledge of and engagement with over 10 million retail and 1.5 million commercial customers – ‘users’ – that buy insurance every year.

In preparing for the announcement, Chesky noted, “Our single, fully integrated insurance ecosystem is allowing financial institutions to connect their customers, and all of their insurance needs with a wide array of insurance carriers in a single, virtual insurance agency eco-system, collapsing the highly fragmented and antiquated customer acquisition, quoting and policy issuance model. The ecosystem collapses traditional insurance customer acquisition costs, generates high customer acquisition and retention levels, which in turn generates high levels of recurring non-interest income for our partners.”

About Insuritas

Insuritas seeks to empower consumers to secure the right insurance coverage at the right price, for our partners to add value and deepen relationships with their consumers, and for our carriers to compete to win the business of insureds they want to serve. The Insuritas ecosystem operates virtual, full service, digitally powered insurance agencies for banks and credit unions serving over 10M customers nationally. For more information, visit www.insuritas.com.

About NAFCU

The National Association of Federally-Insured Credit Unions (NAFCU) is a direct membership association for federally-insured credit unions. NAFCU is committed to representing, assisting, educating, and informing our member credit unions to help them grow, and help grow the credit union industry. For more information, visit www.nafcu.org.