X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
CUNA Mutual: Winner of the 2021 Bronze Alexander Hamilton Award in Technology Excellence

For more than 75 years, Madison, Wisconsin–based CUNA Mutual has provided insurance and lending solutions to credit unions and their members. When the company introduced pet insurance in 2018, the goal of the new product offering was to simplify life for pet owners. Affordable monthly premium payments would make pet medical care much easier to fund than the traditional approach of paying for each large and unexpected veterinarian bill out of pocket.

Unfortunately, the pet insurance pilot project revealed barriers to consumer participation. The new business unit had selected a third-party financial technology payment processor to manage customers’ automated premium payments. The service was expensive. Worse, it utilized a cumbersome microdeposit process to validate customer accounts. When consumers signed up for pet insurance online, they had to return later to the CUNA Mutual website to confirm their bank account information.

“We built mechanisms to encourage customers to confirm their microdeposits and resolve their account-verification issues,” says Travis Ellis, treasury consultant in CUNA Mutual’s treasury department. “However, the process was still confusing and problematic, even with our best efforts at automation and explanations. For a pet insurance customer signing up to pay a $15 per month premium, having to enter a microdeposit to validate that transaction does not make business sense, nor does it follow our standard process.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

Meg Waters

Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.

More from this author

Dig Deeper

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.