Financial Institutions
Our Financial Institutions Practice consults with your management team, analyzes your current processes, evaluates your business environment and then recommends insurance and risk management solutions. The end result is a customized solution designed to enhance your institution's financial and operational performance.
We assist financial institutions from a high level consultative approach with loan and non-debt related programs backed by state of the art administration and support services. In addition to a complete portfolio of insurance products, our programs include non-traditional programs to maximize fee income including alternative investments, paperless platform fixed annuities, and platform delivered Term Life. All programs are supported by highly trained insurance professionals offering toll-free telephone service, premium remittance/billing administration, mail solicitation and claims processing.
HUB Financial Institution Programs
Programs designed for:
HUB Financial Institution Services
PRODUCTS
Direct Marketed & Affinity Program
We provide custom marketing campaign development and turn key mailing programs. All programs are sensitive to Human Resources 10 privacy issues. HUB offices complete customer appreciation products including new term life and AD upgrades. Auto and Homeowners product lines are available from top insurance carriers
Financial Institutions Insurance Program
HUB provides a complete suite of risk management and insurance products designed to minimize ever-increasing risk and reduce expense. Each program is supported with extensive product and coverage design expertise. We represent the leading insurance carriers in the industry.
Coverages include:
- Financial Institution Bond
- Directors & Officers Liability
- Employment Practices Liability
- Entity Coverage
- Kidnap Ransom & Extortion
- Excess FDIC Insurance
- Electronic Commerce Coverage
- Lock and Safety Deposit Box Programs
- Mutual Fund Sales E&O
- Property / Casualty Coverage
Lending Risk Management Programs
Complete analysis, program design and support to minimize the risk of uninsured collateral while reducing administrative and FTE expense. All programs feature top, "A+" rated insurance carriers and superior insurance coverage. Programs are designed for:
Blanket Vendors Single Interest
- Access to top insurance carriers
- Coverage design custom to institution needs
- Competitive pricing - low retention and retro arrangements as well as off-shore reinsurance capability
Flood Compliance
- Multi vendor capability
- Industry leading accuracy
- Technologically advanced - front end programs, internet access, system interface
- Extensive customer service in addition to determination vendor capabilities
Real Estate Collateral - Residential, Commercial and Second Mortgage
- In-house or completely outsourced
- Technologically advanced software and data communication systems
- Emphasis on program support and service
- Off-shore re-insurance capability
Vehicular Collateral
- Legally correct - compliant with NAIC model legislation
- Customer friendly
- Competitive pricing
- Technologically superior, with accurate data, minimal false placements, extensive reporting data
Optional Debt Related Insurance Coverage
Complete line of products designed for installment and home equity lending - closed and open end Mortgage Lending
- Commercial Lending
- Programs are written with the premier insurance companies in the industry and feature cutting edge product design for today's lending needs. Our client programs consistently out perform peer group institution programs as a result of:
- Dedicated training
- Incentive program design
- Tracking of success
- Consistent customer and institution staff customer service and support
Platform Term Annuities
- Internet Based
- No more forms inventory
- Product Guidance and Suitability
- Help online
- Ongoing Training
- Production viewable online
- User friendly system and test site
- Advanced Markets Online Program – provides additional financial information which is updated biannually to keep up with tax changes
- System automatically “scrubs” application ensuring that all applications are in good order.
Platform Term Life
Our term life insurance programs eliminate the need for fluid testing during the underwriting process and allow agents in financial institutions to quickly and easily offer coverage at the point of sale. Most policies can be processed for customers in 30 minutes or less.
Quick Close Home Equity Programs
Our program empowers lenders to:
- Close loans in hours
- Save up to 40% on existing title and appraisal costs
- Decrease “drop out” loans
- Substantially increase loan volume
- Exceed your customer’s expectations
SERVICES
In addition to our products, HUB offers the following services:
Sales Training & Management
In-house training staff and proprietary sales training modules that compliments any training services available at the insurance company level. After evaluation of your needs, a custom training approach is developed that is designed to achieve maximum results through creating a belief system and in changing behavior. Our approach to training, while tailored specifically to loan-related insurance sales and referral programs, are applicable to any financial institution product, program or service sales effort. Our training efforts have a proven track record of success at all levels - community, regional and national institutions.
Financial Institutions Insurance Agency Services
As a result of our extensive knowledge of the agency business and by working with over 300 financial institutions, our Financial Institution Practice group is uniquely positioned to assist financial institutions in the formation, acquisition or management of an insurance agency.
Some of the targeted areas include:
- Shell insurance agency formation for financial institutions. This provides a simple mechanism to enter the insurance business without expenditure of capital or management time. Each agency is fully licensed and includes compliance manuals.
- Insurance agency acquisition. We have experience in locating an interested agency confidentially in a market area, evaluating the desirability of the agency and assisting in negotiating the transaction.
- Insurance agency management. Our Financial Institution Practice Group is experienced and available to provide management assistance in all aspects of the operation of an agency including developing, implementing and managing referral programs.
Consulting Services
Proven programs with experienced personnel in the following areas are available to assist in:
- Risk management and security review. We assist in evaluating security operations and risk and in training bank personnel in bank security matters. In addition to minimizing risk in many areas these programs reduce financial institution bond and related coverage premiums.
- Captive reinsurance companies. Our Financial Institution Practice Group currently is providing consulting services to assist in captive formation for either credit and mortgage insurance or property casualty insurance coverage. Additionally, we provide management services for existing reinsurance companies.