Case Study – Michigan’s First Credit Union Generates Over $ 1 Million In First 5 Years
Michigan First Insurance Agency has grown its revenue by over 440% CAGR since its inception.
– Jeffrey Chesky, Founder and CEO – Insuritas
HARFORD, Connecticut, United States, June 24, 2021 /EINPresswire.com/ – Michigan’s First Credit Union in partnership with Insuritas to launch Michigan First Insurance Agency in 2016 to provide their members with a wide range of affordable insurance products. The credit union had provided a range of financial solutions to members since 1926 when it began life as the Detroit Teachers Credit Union. With an increasingly diverse membership, the credit union was renamed in 2001 and currently serves over 175,000 members.
Less than five years after the agency was created, 4,788 policies in force insure more than $ 700,000,000 in assets to members, with an average of 547 quotes per month and an average of 176 policies sold per month (a rate 32% between bid and sale). During this relatively short period, Michigan First Insurance Agency earned over $ 1,000,000 in net income and generated nearly $ 3,000,000 in gross commissions.
While the industry expertise provided by Insuritas was the backbone of the agency’s creation, such impressive results could only have been achieved with the commitment of everyone involved, members of the senior management team. As part of setting up the agency, Insuritas trained each employee in contact with members on how to refer to the insurance agency, and each contact center employee on hot transfers, generating around 30 calls per day. The team members themselves are also seeing huge benefits, either saving money on their own insurance or getting additional coverage by comparing their existing policies to what the agency can offer. They were also able to learn more about insurance, which means they can confidently talk to members and give them the training they need to benefit from the wide range of types of insurance they can get from. Michigan First. In terms of marketing, Michigan First provides data to Insuritas on new auto loans and mortgage rate locked-in. Plus, insurance is featured in all marketing communications to members (including emails, social media, and the credit union blog. Read more here.